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Evaluation is a systematic determination of a subject's merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, project or any other intervention or initiative to assess any aim, realisable concept/proposal, or any alternative, to help in decision-making; or to ascertain the degree of achievement or value in regard to the aim and objectives and results of any such action that has been complete.
World Bank (2010). Tools and Approaches to Review Existing Regulations. Washington DC. www.wbginvestmentclimate.org/uploads/BRGTools.pdf (20 November 2013)