Project appraisal is ex-ante analyses.
Project appraisal means the critical assessment of a project. It is a critical examination & analytical evaluation of the project from different angles. While appraising a project, technical, financial, commercial, economic, ecological, social & managerial aspects are taken into consideration. Project appraisal is usually done by a financial institution which besides making an analysis of costs & benefits of a proposed project, assesses the project from the various aspects of an investment proposition, before extending finance.