This article analyzes the World Bank's experience with project evaluation for a sample of l,015 projects by comparing estimated rates of return at appraisal with reestimated rates of return when construction works are completed, usually 5 to 10 years after appraisal. The analysis highlights the...

This report analyzes the World Bank's experience with project analysis from a sample of 1,105 projects. The authors compare estimated rates of return at appraisal with re-estimated rates of return at the project completion. Their findings confirm a high degree of uncertainty in project analysis....