The Environment Agency’s project appraisal guidance outlines that project appraisal is the process of identifying and then evaluating options in order to select the one that most likely satisfies the defined project objectives. The purpose of the project appraisal process is to improve decision making towards making the ‘best’ choice. Good decisions and the ‘best’ choice are most likely to result from considering all economic, social, environmental and technical issues for a full range of options.
The methods used in project appraisal are aimed at:
1. Simplifying the complexity of choice;
2. Understanding what choice involves; and
3. Enabling this understanding to be shared by stakeholders.
Penning-Rowsell, E.C., Priest, S., Parker, D., Morris, J., Tunstall, S. Viavattene, C., Chatterton, J.B., and Owen, D. (2013) Flood and Coastal Erosion Risk Management: A Manual for Economic Appraisal. London: Routledge.