June 27 – July 23, 2021

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.

About the Program

The PARM program will cover the following topics

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
  • Cost of human resources, capital, public funds and foreign exchange
  • Economic valuation of goods and services
  • Economic valuation of 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, and management techniques (e.g., contracts and real options)
  • The roles of incentives, sanctions and risk sharing
  • Contracting arrangements
  • Public-private partnerships and pricing agreements in risk sharing

Tuition for the M&EDP program is $11,250

Tuition and fees cover:

  • Faculty instruction from Duke faculty and expert guest speakers from the World Bank, IMF, etc.
  • 3-Star Hotel accommodations with in-suite kitchenette and free breakfast
  • Transportation for all program-related activities
  • All course materials and resources
  • Use of a laptop computer
  • Emergency medical insurance

Tuition does not cover airfare, meals, or incidental expenses, as those vary from person to person. 


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
duke campus spring sanford school


Application Deadline: May 27, 2021

Tuition Due: June 13, 2021

Arrive on Campus:  June 26, 2021

Program: June 27 – July 23, 2021


All classes will be held at the Duke University Sanford School of Public Policy on Duke’s beautiful west campus, located in the vibrant city of Durham, North Carolina. 


Email the ExEd Team at dcidexed@duke.edu

About the Faculty

Fernando Fernholz

Fernando R. Fernholz is Director of the Program on Project Appraisal and Risk Management (PARM) at DCID and is a Professor of the Practice at Duke University where he teaches Economic Development, Policies for Development and Public Finance Courses. He has been faculty of the PARM program since 1985. He has lectured on public debt, finance, balance of payments, macroeconomic issues in courses and workshops in various countries in different regions and agencies like the World Bank. He was a Development Associate working with the Public Finance Group of HIID and was resident advisor in different countries in Asia and Africa. He has done short-term advisory work in countries such as Russia, India, Panama, Bolivia, Ethiopia, Zambia, Uganda, Namibia, and Mozambique. He recently co-authored two studies: expansionary public investment impacts during the financial crisis in 2013 and the economic opportunity cost of capital (or the discount rate) for Mexico in 2014.This work was updated in 2017. Dr. Fernholz headed his own consulting, construction and data processing companies for many years in Bolivia. His education includes a Master of Civil Engineering from the RWTH Aachen in Germany, Master of Public Administration at the Kennedy School of Government and a Ph.D. in Economics from Boston University.

Throughout the program, Dr. Fernholz invites guest lectures from 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.

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

Ready to Join Us?

COVID-19 Information

At this time, DCID’s Executive Education plans to hold our summer 2021 programs on Duke University’s campus in Durham, NC. Our team is constantly monitoring the dynamic situation and will provide updates in accordance with the latest information and guidance from Duke University officials and local authorities. Please monitor this webpage for these important updates. You may also review our FAQs, or send our team an email with any questions. 

Comments are closed.

Close Search Window