There has lately been an increasing emphasis on methods of evaluating development projects in the developing countries. The traditional focus, which relies on only a financial appraisal of projects, is no longer a favourite topic with project analysts, especially in the public sector. In order to capture the full impact of projects, several methodologies, focusing on the economic and social aspects, have been introduced in the literature during the late Sixties and early Seventies. Moreover, to enhance/facilitate the applicability of these methods to actual projects, the need for Manuals, Guidelines, and Guides of project appraisal has been felt from time to time. Some well known attempts in this area have been made by OECD , UNIDO [1; 5], ODA  and ODM .