How do respected companies perform their project evaluations? Do better project evaluation practices and decision policies lead to better company performance? As an initial step to find out, a "Decision and Evaluation Best Practices Survey" has been conducted. Twenty-one companies are participating, thus far, providing a cross section of the petroleum industry. The survey results form a nascent "best practices" database. The author reflects upon the survey data and his experience to describe characteristics of good evaluation management. Because resource allocation decisions are so important, policy and evaluation practices should receive attention comparable to the other technical disciplines. Recent trends in evaluation techniques are discussed, including an increased use of decision analysis.