INTRODUCTION“Are we investing in the right project? is a fundamental question raised by the public regarding new investments. This concerns different types of projects, such as education, community development and social protection, etc. This study is limited to responding to concerns related to transport infrastructure development projects. Currently, Sri Lanka is investing heavily in transport infrastructure development projects. 93% of development activities (or 31% of the total budget) are devoted to transport-related investments (National Budget Department; Ministry of Finance and Planning, 2013). This is not limited to large-scale projects such as transport terminal development or highway construction, but also relatively small projects such as improving rural access roads. While some groups are supportive of these investment decisions, others continually question the effectiveness of these investments (Jayakody, 2014; Pothmulla, 2014) and insist on more careful consideration of environmental and social impacts ( Mudugamuwa, 2014). In the absence of a proper assessment methodology to assess the impacts of such infrastructure development, these questions remain unanswered or ignored due to the lack of evidence proving what actually happened with such investments . Some protections fail to achieve their intended results due to changes subsequently made due to social pressure. If these aspects had been properly taken into account from the beginning and the necessary corrective measures taken, the expected results could have been easily achieved. This policy dialogue has prompted the need to evaluate current assessment practices. Therefore, this study reviews the academic and gray literature on transportation project evaluation in order to identify ...... middle of article ...... a development fund. (2014). Senegal - Transport sector support project 1: Rehabilitation of the Dinguiraye-Nioro-Keur-Ayib road. Tunis Belvédère, Tunisia: African Development Fund. Department of Transport and ICT African Development Fund. (2014). Swaziland - Manzini to Mbadlane Highway Project (MR3). Tunis Belvédère, Tunisia: African Development Fund. National Scholars Transportation Research Council. (2014). Transportation investments in response to economic downturns; Special Report 312. Washington DC: Transportation Research Board. Van de Walle, D. (2002). Choosing investments in rural roads to help reduce poverty. World Development, 30 (4), 575-589. Van de Walle, D. (2009). Impact assessment of rural road projects. Journal of Development Effectiveness, 1 (1), 15-36. World Bank. (2014). Sri Lanka – Strategic Cities Development Project. Washington DC: World Bank Group.