1) Final Evaluation. This is normally among the requirements of the donors. You should write a detailed report explaining how the project reached its targets and how the target groups benefited from participating in the project. The final evaluation gives the implementing organisation crucial information that could be used to design future projects. For instance, it could be that you needed to fundraise more to complete the project. Accordingly, you will ask for more money to implement a similar project in the future.
2) Mid-term Evaluation. This is not always a requirement of the donor but it could be a useful tool for the implementing organisation. By assessing the results of the project half-way through its implementation, you will understand whether something needs to be modified (this could be because the project is running behind schedule or because the participants are not fully satisfied)
3) Internal Evaluation is conducted by members of the implementing organisation. If the donor does not require for an external evaluation, you should normally opt for the internal evaluation. This will save money (external evaluators must be paid) and it will also allow you to highlight the best parts of the project and the most successful activities to impress the donor.
4) External Evaluation means that the donor agency sends members of its staff to review your project and write the final report. They will normally ask for outputs, outcomes and to give evidence of the achievement of stated goals. Make sure to arrive prepared to this meeting and provide all the necessary information for them to understand what you have done and how you have succeeded in reaching your targets.
How to select your methodology for evaluation?
The choice between final and mid-term evaluation depends on the length of your project. If the project lasts for more than 6 months, it is good practice to have a mid-term evaluation. This could be done in a plenary session where all the members of the organisation gather and assess the progress of the project. It is good to discuss what is not going as planned to understand how to rectify the project and also to learn from your own mistakes. The choice between internal and external evaluation is normally up to the donors. Main international development agencies tend to ask for external evaluation (especially if you were given a large grant) to ensure transparency whereas smaller funding bodies tend to trust internal evaluators.