Limitations of methods for evaluating public investment projects and opportunities for improvement

рublic investment projects are essential for economic growth, social development, and environmental sustainability. However, traditional evaluation methods–such as Cost-Benefit Analysis (CBA), Cost-Effectiveness Analysis (CEA), and Environmental Impact Assessment (EIA)–often fall short when applied to complex, modern projects. These approaches frequently neglect non-monetary benefits, long-term environmental impacts, social equity, and ethical considerations. As a result, decision-making can be incomplete, biased, and inequitable. This study introduces the Comprehensive Impact Analysis (CIA) framework, which aims to overcome these shortcomings by offering a more holistic and inclusive evaluation tool for public investment projects. Using a qualitative research design, the study conducts an extensive literature review to assess existing evaluation approaches and identify critical gaps. The proposed CIA framework integrates economic efficiency, environmental sustainability, social equity, ethical responsibility, and risk management into a single cohesive model. It enhances traditional analysis with advanced tools such as Multi-Dimensional Net Present Value (MNPV), Equity-Adjusted NPV (EANPV), and Risk-Adjusted NPV (RNPV). The framework’s adaptability was tested across diverse sectors, including infrastructure, healthcare, environmental conservation, education, and social welfare. Results confirm that CIA captures long-term, non-monetary, and ethical impacts often overlooked by conventional methods, equipping policymakers with a robust, data-driven tool for inclusive and sustainable decision-making.

public investment assessment, comprehensive impact analysis (CIA), cost-benefit analysis (CBA), cost-effectiveness analysis (CEA), multidimensional net present value (MNPV), benefit-cost ratio (BCR), adjusted equity net present value (EANPV), risk-adjusted net present value (RNPV), ethical adjustment factor (EAF)