There is various ways to analyze or make evaluation but my favorite one is SWOT analysis. In my humble opinion, SWOT analysis is the simplest and the most precise tool for evaluating projects. The SWOT analysis is very useful to evaluate not only projects or strategies but almost can be used to appraise anything and anyone, even your own self.
However, as mentioned earlier SWOT is for simple evaluation and it helps to identify the strength, weakness, opportunity and threat. No one tool is expected to be fully comprehensive, so a combination of other analytical tools such as SWOT Matrix, Porter’s 5 Forces and Blue Ocean Strategy could be used if you need to further deepen the analysis.