Many school systems, in both the developed and developing world, are implementing educational technology to assist in student learning. However, there is no clear consensus on how to evaluate these new technologies. This paper proposes a comprehensive methodology for estimating the value of a new educational technology in three steps: benefit analysis, through the administration of a well-designed experiment; cost analysis, which incorporates costs to weigh against the benefits; and feasibility analysis, which introduces real-world concerns that may affect the ability to actually implement the technology. To illustrate the methodology, a case study from Chile is used where portable educational video games were introduced into first and second grade classrooms with the aim of improving learning in mathematics and language. This paper demonstrates the importance of all three steps in the evaluation process and provides a framework for future analyses.