Probably depends on the department. I do grant and loan assessments for Innovate UK, and they have a rigorous and largely (+) transparent method for assessment which I would be happy to explain in detail. If we award money, it's accompanied by a monitoring officer (I do that as well) who is subject area expert with project management business experience. The MO meets the project every one or three months to review progress and approve payment of an installation of the grant or loan. We certainly wouldn't hand over £4M without good reason!

(+ Some of the detail of the scoring matrix is not as transparent as we would like, but Innovate UK does take feedback and tries to improve it).