This book uses modern economic tools to obtain general equilibrium cost-benefit rules. It not only presents evaluation rules for small projects but also shows how to evaluate large projects as well as mega projects (such as high speed rails and channel tunnels). This is an excellent toolkit for graduate students and policymakers.

In most cases of civil engineering development, a range of alternative schemes meeting project goals are feasible, so some form of evaluation must be carried out to select the most appropriate to take forward. Evaluation criteria usually include the economic, environmental and social contexts of a project as well as the engineering challenges, so engineers must be familiar with the processes and tools used. The second edition of Engineering Project Appraisal equips students with the understanding and analytical tools to carry out effective appraisals of alternative development schemes, using both economic and non-economic criteria. The building blocks of economic appraisal are covered early, leading to techniques such as net present worth, internal rate of return and annual worth. Cost Benefit Analysis is dealt with in detail, together with related methods such as Cost Effectiveness and the Goal Achievement Matrix. The text also details three multi-criteria models which have proved useful in the evaluation of proposals in the transportation, solid waste, energy and water resources fields: the Simple Additive Weighting (SAW) Model, the Analytic Hierarchy Process (AHP) technique and Concordance Analysis. There is a full discussion dealing with risk and uncertainty in these models. With many worked examples and case studies, Engineering Project Appraisal is an essential text for both undergraduate and postgraduate students on professional civil engineering courses, and it is expected that students on planning and construction management courses will find it a valuable addition to their reading.

This book provides an introduction to investment appraisal and presents a range of methods and models, some of which are not widely known, or at least not well covered by other textbooks. Each approach is thoroughly described, evaluated and illustrated using examples, with its assumptions and limitations analyzed in terms of their implications for investment decision-making practice. Investment decisions are of vital importance to all companies. Getting these decisions right is crucial but, due to a complex and dynamic business environment, this remains a challenging management task. Effective appraisal methods are valuable tools in supporting investment decision-making. As organisations continue to seek a competitive edge, it is increasingly important that management accountants and strategic decision-makers have a sound knowledge of these tools.

The collection of papers on social project evaluation.

The appraisal of events that have uncertain outcomes is discussed with particular reference to a feasible method for evaluating the riskiness of investment projects. The essence of the uncertainty problem is that many of the variables affecting the outcome of a particular plan are outside of the planner's control. Uncertainty, which is relevant for most decisions, is best characterized in terms of a decision agent's subjective beliefs about probabilities. The probabilistic approach lends itself best to an appraisal of possible outcomes of a project that is affected by uncertainties from many sources. Probability judgments about many basic variables and parameters affecting the final outcome can be aggregated into an estimate of the probability distribution of that final outcome. This aggregation method is demonstrated for calculation of the economic returns of a project. The method of approximation by a simulated sample is described, and its application to probability distribution rates of returns from actual projects is explained. The preparation of a mathematical model is detailed, emphasizing the usefulness of computerized calculations. Fourteen tables and nine figures are provided.

The techniques and methods of project appraisal in developing countries have been considerably expanded and refined since they were first introduced in the late 1960s. This up-to-date and authoritative survey volume demonstrates the ways in which cost-benefit analysis has developed in response to changes in economic circumstances and conditions over the past three decades. An international group of academic and professional economists covers areas including problems in the practical application of cost-benefit techniques by international agencies, the treatment of income distribution, discounting, the effects method, the logical framework as a complement to project appraisal, aid tying, risk criteria in decision making, benefit valuation in the water sector, the appraisal of technical assistance projects, privatization in transition economies and shadow pricing in transition economies. Professor Kirkpatrick and Professor Weiss have prepared an insightful overview essay introducing the broad selection of work presented in this volume.