What Is a Project Appraisal & How Is it Done?

By Chirantan Basu, eHow Contributor

http://www.ehow.com/info_8467209_project-appraisal-done.html
A project could be relatively simple, such as building a new production facility, or complex, such as a project to improve a country's water supply system. According to the University of London's Center for Financial and Management Studies, an appraisal determines if a project's expected benefits justify the resource commitments. Project appraisal is the detailed review of the technical, institutional, socioeconomic and financial aspects of a project.

1. Technical
o A technical evaluation considers the relationship between a project's input parameters and outputs. Input parameters include the physical layout and location of facilities, information technology, and the availability of raw materials and human resources. For example, the technical evaluation of a project to commercialize a new drug should examine the readiness of the manufacturing facility, and ensure that the technical expertise is in place for a lengthy and complex drug approval process.

Institutional
o An institutional or organizational evaluation considers the adequacy of project management structures. For corporate projects, such as developing a new product or exploring a new overseas market, managerial responsibilities should be clear. Company personnel in multiple geographic locations should be able to communicate with one another, which requires a functioning virtual collaboration technology infrastructure. Applicable laws and regulations, including procedures for obtaining environmental approvals, should be evaluated for international projects and certain construction projects.
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Financial
o Financial implications are important for both private and public-sector projects. Budgets determine the scope and type of projects that are approved. For complex international development projects or private sector joint-venture projects, agreements should be in place clarifying the funding responsibilities of various participating agencies and companies. Credit lines should be in place to bridge temporary funding shortfalls. Discounted cash flow analysis determines the net present value of a project's future cash flows. Net present value is equal to the sum of future cash flows discounted to the present using a suitable discount rate.

Socioeconomic
o A socioeconomic appraisal is usually a component of public sector and international development projects. It includes assessing a project's impact on particular groups and regions, safety and security, health and overall quality of life. An economic impact assessment is different from a financial evaluation because it is more macro in nature. It considers a project's impact in improving employment and overall standards of living. Private sector companies involved in projects of national or regional significance, such as the construction of a highway or a major hydroelectric power station, may need to conduct socioeconomic and environmental impact assessments of their projects.

Considerations: International Development Projects

o The World Bank is one of the main international agencies involved in development projects. It lends money to low- and middle-income countries that follow certain procedures of governance and disclosure. A development project cycle starts with an identification of potential projects, followed by appraisal, approval, implementation and evaluation. Appraisal gives stakeholders a chance to review the project in detail, resolve outstanding issues andconfirm the expected project outcomes.

How to Appraise & Evaluate a Project

By Leo Sevigny, eHow Contributor

Appraisal and evaluation are the bookend processes to any successful project. Appraisal is done before a project commences, and focuses upon developing objectives, methodologies, assessing the right steps, and determining what success will look like. Evaluation is done after a project is complete, and focuses on measuring success, reviewing actions taken, and suggesting future corrective action. The two work hand in hand to predict and measure impact.

Instructions
1.

1
Develop a SWOT analysis to gain a deeper understanding of the project scope. SWOT stands for "strengths, weaknesses, opportunities and threats." In the pre-appraisal process, determine the strengths, weaknesses, opportunities, and threats that you predict will exist during the project. Simply develop a list of statements for each area.

2
Create SMART goals that define the deliverable tasks of the project. This classic rule of thumb provides wise guidance that goals be specific, measurable, achievable, realistic and timely. Clearly articulating goals will create an accurate pre-appraisal of the project and will provide a framework for evaluation.

3
Communicate clear and concise steps that others in the organization understand. By stating specifically what is to be done and by whom, you clarify the appraisal process and detail where the project is leading. You also provide helpful guidance when it comes time to evaluate specific roles in the project.

4
Measure project impact based on original stated objectives. In the evaluation phase, you should go back to the initial SMART Goals, SWOT analysis, and the clear steps that you developed as a basis for measuring the results.

5
Survey customers for measurement of impact. An evaluative survey provides you with specific feedback. Build expectations with your customers; let them know you will be seeking their feedback at projects' end.

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Project Financing & Appraisal Techniques

http://www.ehow.com/info_8637912_project-financing-appraisal-techniques.html
By Gregory Hamel, eHow Contributor

Launching new projects is one of the primary ways businesses expand operations; but starting new projects can expensive, which requires managers to secure sources of financing. Even if a company can secure financing, new projects must be examined and appraised to assess the chances that they will turn a profit.

1. Loans
o Loans are a common way that businesses fund expansions, including the launching of new projects. Loans can be advantageous in that they do not require business owners to give up any ownership of the business or management control, and loan funds can be used at the discretion of managers. On the downside, loans have to be repaid with interest, which adds to the cost of launching new projects.

Venture Capital
o Venture capital is funding received from rich investors or investment firms. When a company accepts venture capital, it must trade away a portion of ownership to the investor, and the investor will gain a say in management decisions. Venture capital does not have to be repaid, which may increase the chances that a new project will succeed.
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Grants
o A grant is an award of money given to an individual or organization that does not have to be repaid. Businesses may be eligible for certain grants from the federal government, state government, local governments or other private organizations that can potentially help fund new projects. Grant funds are often designated for very specific uses, so companies may not be free to use funds however they wish.

Cost-Benefit Analysis
o A cost-benefit analysis is a common project appraisal technique that weighs the costs or expenses that it expects to incur when pursuing a new project against the benefits or revenues. The purpose of a cost-benefit analysis is to determine the potential profitability of a new venture and to allow managers to compare different project options.

Break-Even Analysis
o A break-even analysis is similar to a cost-benefit analysis in that it examines costs and revenue, but it focuses on determining the amount of sales and revenue necessary to equal costs of a project. The point at which revenues equal costs is known as the "break-even" point because at that point the company is neither losing money on the project nor earning profit.
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Project Appraisal & Risk Management

By Marquis Codjia, eHow Contributor

http://www.ehow.com/info_7953277_project-appraisal-risk-management.html
Project managers appraise the work of subordinates to ensure that personnel complete tasks within specified deadlines. They do so to prevent cost overruns and runaway budget deficits. Project leaders also pay attention to risk management, establishing adequate controls and procedures to identify and remedy operating exposures. Proper risk appraisal and management procedures help a project coordinator improve the chances of successful completion.

1. Project Appraisal
o Corporate leadership doesn't want project managers to tack back and forth before making a decision, as this may be a sign of ineffective processes. Indecisiveness also may feed the perception that project managers don't have a clear grip on operating initiatives. To avoid losses that may result from inefficient processes, project leaders periodically appraise various work streams to ensure accuracy, timeliness and completion status. Put more simply, project appraisal determines whether personnel are executing duties correctly and are progressing according to plan.

Relevance
o Companies appraise ongoing projects to spot lingering inefficiencies early on. They use project appraisal as a foothold for profit management and strategic expansion. This is because successful projects build personnel's confidence and create an occupational environment conducive for productivity improvement. To adequately evaluate operating initiatives, businesses use the tools of the trade. These run the gamut from project management software and enterprise resource planning applications to content workflow software and document management programs.
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Risk Management
o Risk management is the product of analytical dexterity and operational expertise. Corporate leadership initiates risk monitoring activities to tap into employees' spirit of excellence. The fact is, rank-and-file personnel help significantly in mitigating operating exposures because they are the ones identifying them and are closer to the ground. To make risk-management activities a success, companies rely on the tools of the trade. These include financial analysis software, operating system applications, process re-engineering programs and defect-tracking software.

Significance
o Organizations put into place risk-management procedures to set risky mechanisms apart from operating processes with low exposures. They do so by constantly monitoring operating activities, focusing on those that could cause substantial losses in case of malfunctions. To implement successful mitigation plans, businesses rate risks as "high," "medium" and "low." This rating scheme depends on the loss expectation and takes into account the adequacy of existing controls. An alternative ranking pattern is "tier 1," "tier 2" and "tier 3."

Connection
o Project managers rely on appraisal techniques and risk-management procedures to run tight ships. They use these methodologies to ensure that work is progressing according to plan and that potential exposures do not derail task progress and completion.

Project appraisal
From Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Project_appraisal

Project appraisal is a generic term that refers to the process of assessing, in a structured way, the case for proceeding with a project or proposal. In short, project appraisal is the effort of calculating a project's viability.[1] It often involves comparing various options, using economic appraisal or some other decision analysis technique.[2][3]

Process[edit]

Initial Assessment Define problem and long-list Consult and short-list Develop options Compare and select Project appraisal

Types of appraisal[edit]

technical appraisal project appraisal commercial and marketing appraisal Financial?economic appraisal organisational or management appraisal

Cost-benefit analysis[4][5][6]

Economic appraisal[7]

Cost-effectiveness analysis Scoring and weighting

References[edit]
1. 2. Jump up^ John Filicetti (August 2007), PMO and Project Management Dictionary Jump up^ Cost-Benefit Analysis, 2nd edition, (2001) by Boardman, Greenberg, Vining, and Weimer, ISBN 0-13087178-8 Pearson Education, Prentice Hall. 3. Jump up^ Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, and David L. Weimer, (1996) Cost Benefit Analysis: Concepts and Practice, 1st Edition, by <http://www.prenhall.com/books/be_0135199689.html>. 4. Jump up^ Hanley, N and Spash, C (1993). Cost Benefit Analysis and the Environment. Edward Elgar. Cambridge University Press. 5. Jump up^ Brent, Robert J. Cost-Benefit Analysis for Developing Countries. Edward Elgar Publishing. Overseas Development Administration. Appraisal of Projects in Developing Countries. A Guide for Economists. HMSO Publications. 6. 7. Jump up^ Layard, Richard and Glaister, Stephen (eds) Cost-Benefit Analysis. Second edition. Cambridge. Jump up^ Kohli, K. N (1993). Economic analysis of investment projects: a practical approach. Oxford University Press.

Payback Period PB Explained

Definition, Meaning, and Example Calculations Business Encyclopedia ISBN 978-1-929500-10-9. Revised 2014-02-15.

http://www.business-case-analysis.com/payback-period.html
Payback period (PB) is a financial metric for cash flow analysis that addresses questions like these: How long does it take for investments, acquisitions, or actions to pay for themselves? How long does it take for incoming returns to cover costs? Or, put still another way: How long does it take to break even? Like other financial metrics for cash flow analysis such as internal rate of return (IRR) and return on investment (ROI), the payback period metric takes essentially an "Investment view" of the action or scenario and its estimated cash flow stream. Each of these metrics compares expected costs to expected returns in one way or another. Payback period is the time required for cumulative returns to equal cumulative costs (for example, the cumulative costs from the purchase of computer systems, training expenses, or new product development). PB period is usually given in decimal years presented like this: Payback period = 2.5 years. Why is a shorter payback period better than a longer payback? Other things being equal, the investment that is repaid in the shorter time period is considered the better choice. The shorter time period is preferred because:

Investment or action costs are recovered sooner and are available again for further use. A shorter payback period is viewed as less risky.

It is usually assumed that the longer the time required for covering funds, the more uncertain are the positive returns. For this reason, Payback Period is often viewed as a measure of risk, or a risk-related criterion that must be met before funds are spent. A company might decide, for instance, to undertake no major expenditures that do not pay for themselves in, say, 3 years. Contents Payback period explained and calculated with an example Payback period, mathematically speaking Considerations for using the payback metric

Payback period explained and calculated with an example

As an example, consider a five year investment whose cash flow consequences are summarized in the table below. The primary data for calculating payback period are the expected cash inflows and outflows from the action:

Cash Inflows: $300 cash inflows are expected each year for years 1 through 5. Cash outflows: The initial cost is a cash outflow of $800 in year 1, followed by a cost (outflow) of $150 in year 2. There are no expected costs in years 3 through 5.

From these figures, the analyst creates two sets of cash flow numbers to use for the calculation (the bottom two rows of the table):

Net cash flow. The net of cash inflows and outflows for each year. Cumulative cash flow. The sum of all cash inflows and outflows for all preceding years and the current year.
Expected Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5

Cash Inflows

300

300

300

300

300

Cash Outflows

800

150

Net Cash Flow

500

150

300

300

300

Cumulative CF

500

350

50

250

550

At what point in time does the investment break even? Look first to cumulative cash flow at the bottom, and it is clear that payback occurs sometime in Year 4. We know it occurs in Year 4 because cumulative cash flow is negative at Year 3 end and positive at Year 4 end. But where, precisely, is the break even event in Year 4? The answer can be seen roughly on a graph, showing PB as the point in time when cumulative cash flow crosses from negative to positive:

In reality, break even may occur any time in year 4 at the moment when the cumulative cash flow becomes 0. However, if the analyst has only annual cash flow data to work with (as in this example) and no further information about when cash flow appears within year 4, the analyst must assume the year's cash flows are spread evenly through the year. In this case, payback period must be estimated by interpolation as illustrated here and in the next section. The assumption that cash flow is spread evenly through the years is represented by the straight lines between year end data points above. Using the tabled data above, where cumulative cash flow clearly reaches 0 in Year 4, PB can be calculated (estimated) as follows; Payback Period = Y + ( A / B ) where Y = The number of years before the payback year. In the example, Y = 3.0 years. A = Total remaining to be paid back at the start of the break even year, to bring cumulative cash flow to 0. In the example, A = $50. B = Total (net) paid back in the entire payback year. In the example B = 300. For the example, Payback Period = 3+ (50) / (300) = 3 + 1/6 = 3.17 Years

PB calculated this way is an estimate based on interpolation between two period end points (between the end of Year 3 and the end of Year 4). Interpolation was necessary because we have only annual cash flow data to work with.

Payback period, mathematically speaking

The "formula" in the previous section is easy to understand because it describes in simple verbal terms the amounts to be added or divided. However, when the analyst tries to implement these instructions in a spreadsheet formula, the implementation becomes somewhat cumbersome. In any case, the spreadsheet programmer needs at least a simple understanding of the quantities that must be identified and used in calculating payback period. Consider again the cumulative cash flow curve (such as that shown above for the tabled example), but now focused on the break even year (here, Year 4) and the year before that (Year 3).

The blue line rising from lower left to upper right is cumulative cash flow, graphed in straight line segments between year end points. With simple principles of plane geometry, it is possible to show that two ratios in the above figure are equivalent: | A | / | B | = C / 1.0 This fraction, C, plus the number of whole years before the payback year (Y), is PB: Payback Period = Y + C. To implement the PB metric in a spreadsheet, the sheet must have access to individual annual figures for both net cash flow and cumulative cash flow (the last two rows of the table above). The programmer builds logical tests ( "IF" expressions in Microsoft Excel) to find the first year of positive cumulative cash flow. Then, with the payback year known, the calculations use annual and cumulative cash flows from the break even year and the year before that, to calculate the lengths of line segments A and B from the diagram above. (See Financial Metrics Pro for working examples.)

Considerations for using the payback metric

Payback period is an appealing metric because its meaning is easily understood. Nevertheless, here are some points to keep in mind when using payback period:

PB cannot be calculated if the positive cash inflows do not eventually outweigh the cash outflows. That is why this metric is of little use when used with a pure "costs only" business case or cost of ownership analysis. There can be more than one payback period for a given cash flow stream. PB examples such as the one above typically show cumulative cash flow increasing continuously. In real world cash flow results, however, cumulative cash flow can decrease as well as increase from period to period. When cumulative cash flow is positive in one period, but negative again in the next, there can be more than one break even point in time. The PB metric by itself says nothing about cash flows coming after cumulative cash flow first reaches 0. One investment may have a shorter PB than another, but the latter may go on to greater cumulative cash flow over time. The payback calculation ordinarily does not recognize the time value of money (in adiscounting sense).

By Marty Schmidt. Copyright 2004-2014.

Payback Period Method for Capital Budgeting Decisions:

http://www.accounting4management.com/pay_back_method_of_capital_budge ting_decisions.htm
Learning Objectives of the Article:

1. Define and Explain payback period. 2. Determine the payback period for an investment project. 3. What are the advantages and disadvantages of Payback method?

Definition and Explanation:

The payback is another method to evaluate an investment project. The payback methodfocuses on the payback period. The payback period is the length of time that it takes for a project to recoup its initial cost out of the cash receipts that it generates. This period is some times referred to as" the time that it takes for an investment to pay for itself." The basic premise of the payback method is that the more quickly the cost of an investmentcan be recovered, the more desirable is the investment. The payback period is expressed in years. When the net annual cash inflow is the same every year, the following formula can be used to calculate the payback period.

Formula / Equation:
The formula or equation for the calculation of payback period is as follows: Payback period = Investment required / Net annual cash inflow*
*If new equipment is replacing old equipment, this becomes incremental net annual cash inflow.

To illustrate the payback method, consider the following example:

Example:
York company needs a new milling machine. The company is considering two machines. Machine A and machine B. Machine A costs $15,000 and will reduce operating cost by $5,000 per year. Machine B costs only $12,000 but will also reduce operating costs by $5,000 per year. Required: Calculate payback period. Which machine should be purchased according to payback method?

Calculation:
Machine A payback period = $15,000 / $5,000 = 3.0 years Machine B payback period = $12,000 / $5,000 = 2.4 years According to payback calculations, York company should purchase machine B, since it has a shorter payback period than machine A.

Evaluation of the Payback Period Method:

The payback method is not a true measure of the profitability of an investment. Rather, it simply tells the manager how many years will be required to recover the original investment. Unfortunately, a shorter payback period does not always mean that one investment is more desirable than another. To illustrate, consider again the two machines used in the example above. since machine B has a shorter payback period than machine A, it appears that machine B is more desirable than machine A. But if we add one more piece of information, this illusion quickly disappears. Machine A has a project 10-years life, and machine B has a projected 5 years life. It would take two purchases of machine B to provide the same length of service as would be provided by a single purchase of machine A. Under these circumstances, machine A would be a much better investment than machine B, even though machine B has a shorter payback period. Unfortunately, the payback method has no inherent mechanism for highlighting differences in useful life between investments. Such differences can be very important, and relying on payback alone may result in incorrect decisions. Another criticism of payback method is that it does not consider the time value of money. A cash inflow to be received several years in the future is weighed equally with a cash inflow to be received right now. To illustrate, assume that for an investment of $8,000 you can purchase either of the two following streams of cash inflows:

Years Stream 1 Stream 2

4 $8,000

5 $2,000 $8,000

6 $2,000

7 $2,000

8 $2,000

$2,000

$2,000

$2,000

$2,000

Which stream of cash inflows would you prefer to receive to receive in return for your $8,000 investment? Each stream has a payback period of four years. Therefore, if payback method alone were relied on in making the decision, you would be forced to say that the streams are equally desirable. However from the point of view of the time value of money, stream 2 is much more desirable than stream 1. On the other hand, under certain conditions the payback method can be very useful. For one thing, it can help identify which investment proposals are in the "ballpark." That is, it can be used as a screening tool to help answer the question, "Should I consider this proposal further?" If a proposal does not provide a payback within some specified period, then there may be no need to consider it further. In addition, the payback period is often of great importance to new firms that are "cash poor." When a firm is cash poor, a project with a short payback period but a low rate of return might be preferred over another project with a high rate of return but a long payback period. The reason is that the company may simply need a faster return of its cash investment. And finally, the payback method is sometimes used in industries where products become obsolete very rapidly - such as consumer electronics. Since products may last only a year or two, the payback period on investments must be very short. In Business | Capital Budgeting in Academia Capital budgeting techniques are widely used in large nonprofit organizations. A survey of universities in the United Kingdom (UK) revealed that 41% use the net present value method, 23% use the internal rate of return method, 29% use the payback method, and 11% use the accounting rate of return method. (Some universities use more than one method.) The central Funding Council of the United Kingdom requires that the net present value method be used for projects whose lifespan exceed 20 years.
Source: Paul Cooper, "Management Accounting Practices in Universities," Management Accounting (U.K.), February 1996, pp. 28 - 30.

Extension of Payback Method:

The payback period is calculated by dividing the investment in a project by the net

annual cash inflows that the project will generate. If equipment is replacing old equipment then any salvage to be received on disposal of the old equipment should be deducted from the cost of the new equipment, and only the incremental investment should be used in payback computation. In addition, any depreciation deducted in arriving at the project's net operating income must be added back to obtain the project's expected net annual cash inflow. To illustrate consider the following data:

Example 2:
Goodtime Fun Centers, Inc., operates many outlets in the eastern states. Some of the vending machines in one of its outlets provide very little revenue, so the company is considering removing the machines and installing equipment to dispense soft ice cream. The equipment would cost $80,000 and have an eight-year useful life. Incremental annual revenues and costs associated with the sale of ice cream would be as follows: Sales Less cost of ingredients $150,000 90,000

Contribution margin

60,000

Less fixed expenses: Salaries Maintenance Depreciation 27,000 3,000 10,000

Total fixed expenses

40,000

Net operating income

$20,000

===========
The vending machines can be sold for a $5,000 scrap value. The company will not purchase equipment unless it has a payback of three years or less. Should the equipment be purchased? An analysis of the payback period for the proposed equipment is given below: Step 1: Compute the net annual cash inflow Since the net annual cash inflow is not given, it must be computed before the payback period can be determined:

Net operating income (given above) Add: Noncash deduction for depreciation

$20,000 10,000

Net annual cash inflow

$30,000 =========

Step 2: Compute the payback period Using the net annual cash inflow figure from above, the payback period can be determined as follows:

Cost of the new equipment Less salvage value of old equipment

$80,000 5,000

Investment required

$75,000 =========

Payback period = Investment required / Net annual cash inflow = $75,000 / $30,000 = 2.5 years Several things should be noted from the above solution. First, notice that depreciation is added back to net operating income to obtain the net annual cash inflow from the new equipment. Depreciation is not a cash outlay; thus, it must be added back to net operating income to adjust it to a cash basis. Second, notice in the payback computation that the salvage value from the old machines has been deducted from the cost of the new equipment, and that only the incremental investment has been used in computing the payback period. Since the proposed equipment has a payback period of less than three years, the company's payback requirement has been met.

Payback and Uneven Cash Flows:

When the cash flows associated with an investment project changes from year to year, the simple payback formula that we outlined earlier cannot be used. To understand this point consider the following data:

Example:
Year 1 2 3 4 5 6 2,000 Investment $4,000 Cash Inflow $1,000 0 2,000 1,000 500 3,000

7 8

2,000 2,000

What is the payback period on this investment? The answer is 5.5 years, but to obtain this figure it is necessary to track the unrecovered investment year by year. The steps involved in this process are shown below: Ending Unrecovered Investment (1) + (2) - (3) $3,000 3,000 1,000 2,000 1,500 0 0 0

Year 1 2 3 4 5 6 7 8

Beginning Unrecovered Investment $ 0

Investment $4,000

Cash Inflow $1,000 0 2,000

3,000 3,000 1,000 2,000 1,500 0 0 2,000

1,000 500 3,000 2,000 2,000

By the middle of the sixth year, sufficient cash inflows will have been realized to recover the entire investment of $6,000 ($4,000 + $2,000) In Business | Rapid Obsolescence Intel Corporation invests a billion to a billion and half dollars to fabricate computer processor chips such as the Pentium IV. But the fab plants can only be used to make state-of-the-art chips for about two years. By the end of that time, the equipment is obsolete and the plant must be converted to making less complicated chips. Under such conditions of rapid obsolescence, the payback method may be the most appropriate way to evaluate investments. If the project does not pay back within a few years, it may never pay back its initial investment.
Source: "Pentium at a Glance," Forbes ASAP, February 26, 1996, p.66.

You may also be interested in other articles from "capital budgeting decisions" chapter:
Capital Budgeting - Definition and Explanation Typical Capital Budgeting Decisions Time Value of Money Screening and Preference Decisions Present Value and Future Value - Explanation of the Concept Net Present Value (NPV) Method in Capital Budgeting Decisions Internal Rate of Return (IRR) Method - Definition and Explanation Net Present Value (NPV) Method Vs Internal Rate of Return (IRR) Method Net Present Value (NPV) Method - Comparing the Competing Investment Projects Least Cost Decisions Capital Budgeting Decisions With Uncertain Cash Flows Ranking Investment Projects Payback Period Method for Capital Budgeting Decisions Simple rate of Return Method 15. Post Audit of Investment Projects 16. Inflation and Capital Budgeting Analysis 17. Income Taxes in Capital Budgeting Decisions 18. Review Problem 1: Basic Present Value Computations 19. Review Problem 2: Comparison of Capital Budgeting Methods 20. Future Value and Present Value Tables

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.