Project appraisal : a refection

We present project evaluation approaches that should be used as a basis for decision. We try to nd what aspects must be taken into account in project analysis, acknowledging the need to consider intangible aspects that are impossible to measure and that lead to subjective analysis to project evaluators. We also wish to understand if rms have adequate tools and methods that incorporate and quantify all non nancial aspects. We have identi ed several other aspects that in uence projects' evaluation and decision-making. This is not a mere nancial activity, but involves a diversity of behavioural and organizational factors, and business perception, which should be adequately adjusted to invest with success.