What must the economic appraisals evaluate?

The economic appraisals must evaluate options that demonstrate potential value for money because this core aspect focuses on understanding the financial viability and overall benefits of various choices in a business case. By analyzing shortlisted options not only in terms of costs but also assessing their effectiveness, benefits, and risks, decision-makers can ensure that resources are allocated to initiatives that provide the greatest return on investment or social value.

Considering value for money is crucial in a business case as it allows stakeholders to compare different alternatives transparently and systematically, facilitating informed decisions based on sound economic rationale. This analysis usually encompasses both quantitative and qualitative measures, ensuring a well-rounded perspective on the impact of each option being considered.