Step 1:

Explain the Strategic Context

Step 2:

Establish the Need for Expenditure

Step 3:

Define the Objectives & Constraints

Step 4:

Identify & Describe the Options

Step 5:

Identify & Quantify Monetary Costs & Benefits of Options

Step 6:

Assess Risks & Adjust for Optimism Bias

Step 7:

Weigh-up Non-Monetary Costs & Benefits

Step 8:

Calculate Net Present Values & Assess Uncertainties

Step 9:

Record Proposed Arrangements for Financing, Management, Procurement, Marketing, Monitoring & Evaluation

Step 10:

Assess the Balance of Advantage between the Options & Present the Appraisal Results & Conclusions