2.2 Appraisal is the process of assessing the costs, benefits and risks of alternative ways to meet government objectives. It helps decision makers to understand the potential effects, trade-offs and overall impact of options by providing an objective evidence base for decision making.
2.3 Economic appraisal is based on the principles of welfare economics - that is, how the government can improve social welfare or wellbeing, referred to in the Green Book as social value.