The evaluation of projects and the related decision-making processes involve key stages, including:
Prefeasibility: whether to conduct the project
Choice of project method
Choice of project finance
Bidding process and evaluation
Project management methods
Handover of project at completion
Each stage involves specialist functions and skills. For many projects, the pre-feasibility stage may be overlooked, or conducted in a cursory fashion. As a result, projects may be initiated that are either unnecessary or not feasible. For example, a government department may decide to convert a proportion of electricity generation from conventional to renewable sources. This is held to be a "good idea" and to be in accord with "green" policies. Without the necessary pre-feasibility evaluation, such a project may set off in completely the wrong direction, or be unaffordable and fail. By following correct processes, an accurate evaluation of the proposed project can be conducted, taking into account all relevant facts and figures available, as well as incorporating advice on best practice to achieve optimum results.
Similarly, all further stages must include precise and comprehensive evaluation, leading to the best decisions available, and thus the best project for project success and efficiency.
COMPENDIUM OF BEST PRACTICE
CIID is compiling a compendium of best practice and online decision support systems. We are growing this compendium sector by sector.
Comparisons and examples, with the aim of producing like-for-like examples to give project leaders access to the most relevant information
Stage by stage project evaluation: every project has critical points. It is essential to identify these points, as it is vital that correct decisions are made at these points
Information to assist in fine-tuning the decision-making process at each stage
Examples to compare one sector with another, and to evaluate the implementation of projects from one country or region to another
Please contact us for further information, or if you would like to contribute to this process