The four-week Project Appraisal and Risk Management training program teaches financial, economic, stakeholder, and risk analysis and risk management through real and applied case studies, lectures and group discussions.

The workshop takes you through a flexible appraisal framework designed to handle different types of projects, from commercial enterprises and utilities to infrastructure investments and social programs. It also covers a wide range of issues such as environmental impacts, risk management and poverty reduction. Leading experts in specialized areas are also invited to address participants. Additionally, you will work with other participants to complete a project in your own sector of interest.


Financial, Economic, and Policy Analysis
  • Stages in development of feasibility studies and project cycles
  • Development of cash flow statements
  • Financial sustainability of projects
  • Impact of scale, timing, and length of life on project viability
  • Impact of inflation and exchange rates on financial viability and risks
  • Cost-effectiveness measures of social programs
  • Capital markets and financing projects
  • Economic cost of human resources, capital, public funds and foreign exchange
  • Economic valuation of goods and services, human resources and environmental impacts
  • Basic needs valuation for social programs
  • Privatization, contracting and regulation issues
  • Integration of financial, economic and social appraisals
  • Public-private partnerships (PPPs)
  • Foreign direct investment, joint ventures and tax incentives
  • Poverty alleviation and poverty reduction potential of projects and programs
Risk Analysis and Management
  • Foundations of uncertainty and risk
  • Real options analysis
  • Project design, financial and organizational arrangements
  • Risk assessment, costing and management techniques such as contracts and real options
  • The roles of incentives, sanctions and risk sharing
  • Contracting arrangements, public-private partnerships and pricing agreements in risk sharing


The program is led by  Dr. Fernando Fernholz. Duke University faculty representing different disciplines and perspectives, and senior practitioners in project appraisal and risk management from international organizations, financial institutions, and other prominent development institutions also instruct during this workshop.

Who Should Apply?

This program is open to individuals working professionally in finance, economics, accounting, taxation, management, engineering or other related fields. It is for people who design, appraise, select, negotiate or finance projects, and for those who are interested in the financial, economic and social impacts of these projects.

Past participants have included employees of:

  • Government ministries and public enterprises
  • Banks (private and public) and financial institutions
  • Investment analysis agencies
  • International development agencies
  • Individual and corporate investment firms
  • Private management, engineering, and business consulting firms
  • Regulatory institutions
  • International aid agencies

Hear from our participants

PARM alumni discuss how the skills they learned in the program have made a difference in their work

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