An overview of the literature on the evaluation methodologies of publicly funded socio-development projects

Abstract

The objective of the investigation is to carry out an integrative literature review based on a broad study of the available literature and practices presented in international methodologies for analyzing and evaluating publicly funded development projects. The studies were chosen based on their relevance, and the main addressed methodologies are: i) Gateway Review Process; ii) Cost-Benefit Analysis of Investment Projects; iii) ROI Institute Methodology; iv) Green Book for Policies, Projects, and Programmes Appraisal and Evaluation. The investigation allows mapping the set of methodological tools, to enable the building of an evaluation system for regional development projects, employing indicators raised in the phase of presentation of the project proposal (ex-ante analysis) and confronting them with the results obtained at the end of the project (ex-post analysis). The public investment assessment cycle has undertaken some evolution stages across time. In the 1990s, international institutions for the promotion of public investment began to require the implementation of systematic control of the resources applied to projects presented by governments who try to obtain assistance from those international funding sources. Since then, several countries have developed proprietary methodologies for investment projects evaluation, with a focus on public resources rationalization and minimizing physical and financial deviations, as well as estimating the benefits achieved. These procedures have a great potential to become powerful tools that would allow the streamlining of efficient territorial development policies. The literature review undertaken contributes to synthesizing the main features of internationally recognized methodologies, the creation of continuous improvement flows in the process, mitigation of risks inherent to publicly funded projects, and supporting management decisions about the undertaking of new projects, or even their continuity and expansion.