if else condition in hbs file

It is better to set an attribute in the js controller and evaluate it in hbs:

js controller

this.managementReview = true;

hbs

{{#if managementReview}}

<a style="color:red" href="#{{module_type}}/{{id}}" target="_blank">{{name}}</a>
{{else}}
<a href="#{{module_type}}/{{id}}" target="_blank">{{name}}</a>
{{/if}}

The default "if" that you have used only checks if the value is true/set or false/empty. If you want comparison logic, you can write your own "equals" helper, for example: eg:

        Handlebars.registerHelper('equals', function (a, b, opts) {
            if (a === b)
                return opts.fn(this);
            else
                return opts.inverse(this);
        });
    

You can then use this helper in your code like:

     {{#equals  name 'Management Review'}}

Follow this documentation on how to create custom HandleBars helpers in the code : https://support.sugarcrm.com/Documentation/Sugar_Developer/Sugar_Developer_Guide_9.2/User_Interface/Handlebars/#Creating_Helpers