Appraisal is the evaluation of the overall ability of the feasible project to succeed. It is done after the feasibility study of the project has been completed. The aim is to consider and compare the possible feasible projects and select the best that meets the objectives.
Appraisal is done systematically to provide an overall assessment of the project's likelihood for success. It answers the following questions:
- Will be project as designed meet its objectives?
- How does the project compare with other competing projects? This question applies if more than one project has been found feasible.
The primary function of appraisal is to evaluate a project's ability to achieve its objectives. For a private project, the objective is profitability. For a public project, the objective is socio-economic development in the country through economic growth, employment, poverty reduction etc.
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