noun
government program review; budget screening
Refers to the Japanese government's process of reviewing and prioritizing public projects and expenditures, famously conducted by the Government Revitalization Unit.
事業仕分けで多くの予算が見直された。
Many budgets were reviewed in the program review.
あの事業仕分けは無駄を省くために行われた。
That budget screening was conducted to eliminate waste.
行政刷新 is a broader term for administrative reform, while 事業仕分け specifically refers to the project-by-project budget review process.
Compound of 事業 (project, enterprise) and 仕分け (sorting, classification). The term gained prominence in 2009-2010 during the DPJ administration's budget review initiative.