Huỳnh Thanh Điền

thanhdien82@gmail.com

Abstract

The theoretical system underpinning investment project preparation and appraisal has evolved from classical financial analysis to modern data-driven and simulation-based approaches. The ideas of Irving Fisher, Joel Dean, William Sharpe, and Modigliani & Miller form the foundation for evaluating cash flows and the cost of capital, while contributions from Harry Markowitz, David Hertz, and Stewart Myers expand the perspective to include risk, uncertainty, and the flexible value of investment decisions. In addition, scholars such as E. J. Mishan and Anthony Boardman enhance cost–benefit analysis, and Michael Porter links project appraisal with development strategy and competitive advantage. The advent of big data, digital simulation, and artificial intelligence is creating a new shift, making the appraisal process more accurate, real-time, and aligned with the requirements of sustainable development. Systematizing the major theories and influential authors not only provides a solid academic foundation but also helps improve decision-making quality in both public and private investment.

Keywords: Project preparation; Project appraisal; Discounted cash flow; Cost of capital; Time value of money; Investment risk.

Huỳnh Thanh Điền. (2025). The System of Theories on Project Formulation and Appraisal. Zenodo. https://doi.org/10.5281/zenodo.17864518