How Could You Define Project Evaluation?

Project evaluation is an integral part of the planning process. At the stage of preparation of projects, it implies examining the relative profitability of a project vis-à-vis other projects to enable planners in the choice of priority projects. Thus projects are appraised before they are actually put into operation. But project evaluation does not end here. The projects are also appraised during their execution in order to find out their operational success or otherwise. At the operational or the implementation stage, the objective of project evaluation is to suggest remedial measures and point out appropriate steps to improve upon its working.

Lastly exercise is repeated at the end of completion of a project. This post completion appraisal of projects is undertaken to find out whether all ends have been achieved in Toto or project is a partial success only. What are the lessons to be learnt? How mistakes can be met and unexpected difficulties can be surmounted?

Present performance must act as an essential aid to future policy which may be immunized against the recurrence of similar mistakes. Projects evaluation is thus involved throughout various stages of formulation, implementation, completion and post completion analysis of projects.In the end of every project must ultimately be accepted or rejected on the basis of a subjective judgement about its worth.

In the Economic development is the ultimate end of planning and projects are means to that end. If development is the target, then a project is an arrow with which to hit that target. If development is a goal to be reached, then projects are carries which take the economy to that goal. Thus projects are instrumental in attaining the objectives of development planning.
They are also termed as the cutting edge of development. A project is sometimes defined as an activity on which money is spent in expectation of returns and which logically seems to lend itself to planning, financing and implementation as a unit. Thus a project involves s following essentials:

An Expenditure or a spending activity.
Expectation of returns or profits; the expenditure is not for charitable purposes.
The activity is planned, financed and implemented as a unit and a unity, is not a feature of a project.

A project is also sometimes referred to the whole complex of activities involved in using resources to gain benefits. According to yet another viewpoint a project is a specific activity with a specific starting point and a specific objective. Thus it is a four dimensional activity in specifics. So  it is to complete a task.