Options appraisals are simply justifications of how you have arrived at one decision over another. In many instances applications for grants must provide an options appraisal and it is usually a consultant who prepares this for their client.
Options appraisals are an essential part of any project (especially those involving land and buildings). It assists you in planning your project effectively and, if the process is well managed, it will help maximise the chances that your project will meet those needs identified within your community.
In short the options appraisal will ensure that you have considered all of the key points before you make your decisions. It will also allow you to make clear, informed and objective judgements, as well as helping to minimise any uncertainties.