Economic appraisal is a type of decision method applied to a project, programme or policy that takes into account a wide range of costs and benefits, denominated in monetary terms or for which a monetary equivalent can be estimated. Economic appraisal is a key tool for achieving value for money and satisfying requirements for decision accountability. It is a systematic process for examining alternative uses of resources, focusing on assessment of needs, objectives, options, costs, benefits, risks, funding, affordability and other factors relevant to decisions.
Economic appraisal is a methodology designed to assist in defining problems and finding solutions that offer the best value for money (VFM). This is especially important in relation to public expenditure and is often used as a vehicle for planning and approval of public investment relating to policies, programmes and projects.
A decision method is a formal (axiomatic) system that contains at least one action axiom. An action is of the form "IF <this> is true, THEN do <that>". An action axiom tests a condition (antecedent) and, if the condition has been met, then (consequent) it suggests (mandates) an action: from knowledge to action. A decision model may also be a network of connected decisions, information and knowledge that represents a decision-making approach that can be used repeatedly (such as one developed using the Decision Model and Notation standard).
Excepting very simple situations, successful action axioms are used in an iterative manner. For example, for decision analysis, the sole action axiom occurs in the Evaluation stage of a four-step cycle: Formulate, Evaluate, Interpret/Appraise, Refine.
Decision Models are used to model a decision being made once as well as to model a repeatable decision-making approach that will be used over and over again.
Formulation is the first and often most challenging stage in using formal decision methods (and in decision analysis in particular). The objective of the formulation stage is to develop a formal model of the given decision. This may be represented as a network of decision-making elements, as a decision tree or in other ways depending on the specific situation. The formulation may be conceptual or may include all the necessary decision logic (business rules) required to define the decision-making.
OpenEdge Advanced Business Language, or OpenEdge ABL for short, is a business application development language created and maintained by Progress Software Corporation (PSC). The language, typically classified as a fourth-generation programming language, uses an English-like syntax to simplify software development. The language was called PROGRESS or Progress 4GL up until version 9, but in 2006 PSC changed the name to OpenEdge Advanced Business Language (OpenEdge ABL) in order to overcome a presumed industry perception that 4GLs were less capable than other languages. A subset of the language, called SpeedScript, is used in the development of web applications.
OpenEdge ABL helps developers to develop applications optionally using its own integrated relational database and programming tool. These applications are portable across computing systems and allow access to various popular data sources without having to learn the underlying data access methods. This means that the end-user of these products can be unaware of the underlying architecture.