Course description:

Project evaluation is mainly concerned with development projects, preparing a project is not just about planning or development aspects. Identifying development objectives, selecting priority areas for investment, planning policies, and mobilizing resources are issues that need to be addressed. The fundamental economic problem faced by all societies and countries is how to allocate limited resources (such as labor, capital, land, and other natural resources including foreign exchange) for various uses such as production for consumer goods and public services, investment in facilities and infrastructure, industry, agriculture, education and others, so as to be able to generate the greatest net benefits for the community and the state. Since resources are limited while needs are unlimited, we have to choose between various uses which are the priority needs. In other words, when the limited resources have been used for a particular use, it consequently reduces the resources available for other uses. Thus, there are trade-offs, of being able to get more of something, but less of another, or not being able to have more of everything at the same time. Furthermore, it is able to estimate and analyze the benefits and costs of a development project, especially development projects in developing countries.