In recent years there has been a growing interest in the development of methodologies related to the formulation and appraisal of projects. This is reflected in an increasing number of scientific papers and courses offered at different levels on the subject, most of which are directed for...

Project evaluation or project appraisal has experienced a growing interest from both scholars and practitioners in recent years, particularly after the Second World War. This is attributed by Prest and Turvey to the growth of large investment projects and to the expanding role of government in...