Difference between Project Report and Project Appraisal
1. Project Report :
Project Report, as name suggest, is simply report that provide general state of project and includes combination of economic, profitability and technical analysis and helps to identify whether project is worth pursuing or not.
2. Project Appraisal :
Project Appraisal, as name suggests, is simply a important process or activity to assess viability or feasibility of proposed project. In simple words, it is used to access a proposed project’s potential success and viability.
Difference between Project Report and Project Appraisal :
|Project Report||Project Appraisal|
|It mainly focuses on providing information about any project and its benefits that it can be able to provide.||It mainly focuses on checking viability of project proposal.|
|Factors affecting project report include unfinished planning, weak project closure, unavailability of expertise, weak communication, etc.||Factors affecting project proposal includes lack of project team goal commitment, inadequacy of working capital, etc.|
|Its benefits include allows one to create roadmap for business in long term, give opportunity to develop new goals, helps in eliminating issues, etc.||Its benefits include easy to use, better moral and team work, improve performance and profitability, increase motivation, etc.|
|Its main objective is to track work, identify risks and issues, and as well as keep stakeholders informed about project.||Its main objectives use, is to highlight and extract essential information for determining success or failure of project.|
|It includes project description, abstract, background of project along with what project is about and its purpose, and at last final summary of project.||It includes economic analysis, financial analysis, market analysis, technical feasibility, etc.|
|Type of project report includes variance report, project status report, executive report, resource report, etc.||Types of project appraisal includes technical appraisal, environmental appraisal, economic appraisal, legal appraisal, etc.|
|Stages of project report include understanding project report, deciding objective, report format and type, gather facts and data, structure report, etc.||Stages of project formulation includes initial assessment defining problem and long list, consulting and short list, developing options, and at last comparing and selecting project.|