Project appraisal is an in depth analytical study of the project after the feasibility study has been completed. Project appraisal is carried out before the project is implemented. It involves a systematic procedure for weaving the technical and financial information about the project with relevant data about its economic environment, together into one or a few criteria on the basis of which the project is recommended for selection or rejection. it may be noted that project preparation and its partial or initial economic evaluation are carried out simultaneously and are closely related. However, an overall economic evaluation is carried out only on the basis of data provided at the end of the project formulation stage.

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