Based on the results of the analysis in this paper and the points raised in the literature one can argue that there is no unique, no “the best” model to be used in project appraisal and selection. Adopting a suitable approach and the relevant model depends on the nature of the project, the nature of the investment and the value system of the management of the organization. Most of the surveys show that financial models are still being used extensively for decision-making in project selection. However, it has been shown that these models could and would lead to confusion by giving contradictory answers and supporting different options.

ìThere is a popular feeling that ëtheoryí is opposed to ëpracticeí and the merits lie with ëpracticeí. This is a false conclusion, based on a false supposition. If practice has long been successful and does not conform to theory, the theory is bad and in need of revision. The distinction should not be between theory and practice; it should be between good theory and bad theory, between good practice and bad practice.

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