1.011Project Evaluation:Comparing Costs & BenefitsCarl D. MartlandBasic Question: Are the future benefits large enough to justify the costs of the project?Present, Future, and Annual WorthInternal & External Rates of Return
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What Is a Project?For the planner (dreamer?):A vision, a dream or a hopeA monumentA way to solve a problemFor the construction company:A specific task to be completed within a specific timeA way to make money through constructionFor the owner: Potential benefits over the life of the projectA way to make money through operationA monumentFor others:Potential improvement in opportunities, environment, etcPotential disruptions and degradation in environment