Praxis Framework:An integrated guide to the management of projects, programmes and portfolios104
At the heart of an investment appraisal lies a comparison between investment and return.
Any objective comparison requires both sides to be measured in the same units, such as cash.
In many cases the investment side of the equation in projects, programmes and portfolios is
easily quantied in terms of cash, with the exception of subjective dis-benets. The return can
also usually be measured in terms of cash but subjective benets can often be a signicant
component.
There are numerous techniques for investment appraisal and where there is a signic ...
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