1. Similarity between project evaluation and feasibility study
* * * The main similarities are:
(1) Both of them are in the early stage of project investment. Feasibility study is a comprehensive and systematic analysis and demonstration of the rationality and feasibility of the investment project from the aspects of technology, engineering, external cooperation conditions and finance, economy and society after the approval of the project proposal; Project evaluation is a systematic evaluation of the feasibility study report and the selected scheme of the project before the project decision is made. It is an important preparation for the preliminary work of the project, and it is also a consultation and demonstration of the feasibility and investment decision of the project;
(2) The starting point of both is the same. Project evaluation and feasibility study are based on market research, follow the principle of market allocation of resources, combine resource conditions, industrial policies and industrial planning, and make scheme selection in accordance with relevant national policies;
(3) The contents and methods of investigation are basically the same;
(4) The purpose and requirements are basically the same. Both of them are to improve the scientific decision-making level of project investment, improve investment efficiency and avoid decision-making mistakes. They all require in-depth and meticulous investigation, scientific prediction and analysis, and realistic scheme evaluation, striving for reliable data sources, accurate data and objective and fair conclusions.
2. The difference between project evaluation and feasibility study
The difference between the two is mainly reflected in:
(1) The undertakers are different. In order to ensure that the investigation, research and evaluation activities before project decision-making are relatively independent, different institutions should undertake these two tasks respectively. In China, the feasibility study is usually presided over by the project investor or the competent department of the project. Investors can undertake it alone or entrust professional design or consulting institutions to undertake it, and the entrusted unit is only responsible for the project investors. Project evaluation is generally presided over and responsible by the project investment decision-making body or the project loan decision-making body (such as the loan bank). The agency that presides over the evaluation may organize the evaluation by itself or entrust a special consulting agency to conduct the evaluation.
(2) Different evaluation angles. Generally, the feasibility study should examine the profitability of the project from the perspective of the enterprise (micro) and decide the choice of the project, so it focuses on the micro-benefits of the investment project; The project evaluation presided over by the national investment decision-making department mainly evaluates the economic and social benefits of the project from the macro-economic and social perspectives, with the focus on the macro-evaluation of the project. The loan bank's evaluation of the project mainly evaluates the credit status and repayment ability of the project financing subject (borrowing enterprise) from the perspective of the repayment ability of the project.
(3) They have different purposes and tasks in the decision-making process of project investment. Feasibility study should not only analyze and demonstrate the rationality, feasibility and necessity of the project, but also plan various schemes for the construction project, compare and select these schemes from the aspects of engineering, technology and economy, and select the best scheme as the investment decision scheme. Therefore, it is a complex engineering consulting work, which needs more manpower to demonstrate for a long time; Project evaluation can generally rely on the results of feasibility study, and it is not necessary to design multiple implementation schemes for the project. Its main task is to systematically review and verify all the contents of the project feasibility study report, including the selected scheme, and put forward evaluation conclusions and suggestions.
(4) The timing and role of the two in the project investment decision-making process are different. In the process of project construction, there is a feasibility study first, and then an evaluation, which has different functions. Feasibility study is the basis of project investment decision-making and an important premise of project evaluation, but it cannot provide the final basis for project investment decision-making. Project evaluation is a necessary condition for investment decision-making and a continuation, deepening and re-study of feasibility study. By evaluating the project and its implementation scheme more objectively, it provides a direct and final basis for decision makers independently, which is more authoritative than feasibility study.
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