Criteria for Evaluating Project Evaluation Techniques

This article stresses the underlying value content of any project evaluation technique. Value bases of conventional cost-benefit and matrix evaluation techniques are considered and their underlying similarity is noted. Although no set of criteria for choosing a technique can be proved to be correct, the article offers four criteria which the authors consider vital. It is suggested that a good evaluation technique should in general reflect individual preferences; be publicly accountable; be operational; and be cognizant of systems' effect. Whatever technique is used should allow the decision-maker and interested persons to identify its underlying value judgments and examine how evaluation results change with changes in value judgments. 10 references. (Author)