Glossary Item Term : Appraisal (of a project) Definition : Ex ante assessment of a project—carried out before a project is approved. Appraisal is based on benefit-cost-risk analysis, which is a formalised model of the project’s predicted worth. Discussion : The decisions to fund and approve are informed by the appraisal contained in the business case. Any decision to abandon or continue a project in progress will be based on a revised appraisal. Refer also evaluation. Examples & Illustrations : Before committing to Project BuyRite, Henry Crun will want to see details of: the benefits to flow from improved procurement processes. The costs of reengineering those processes. The risks involved.