Develop your financial, economic, stakeholder, and risk analysis and risk management knowledge and skills through real and applied case studies, lectures and group discussions.

Our Project Appraisal and Risk Management (PARM) program takes you through a flexible appraisal framework designed to handle different types of projects, from  infrastructure investments and social programs to commercial enterprises and utilities. Over four weeks you'll learn about a wide range of issues such as environmental impacts, risk management and poverty reduction, and hear from leading experts in specialized areas. You'll also work with other participants to complete a project in your own sector of interest.

About the Program

Topics Covered

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

This program is open to individuals working professionally in public 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
  • International development agencies
  • Individual and corporate investment firms
  • Private management, engineering, and business consulting firms
  • Regulatory institutions
  • Banks (private and public) and financial institutions
  • Investment analysis agencies
  • International aid agencies

Tuition for the PARM program is $11,500.

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. 



May 27 - June 21, 2024

Application Deadline

May 6, 2024


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


Interested in hearing more about similar courses on public financial management? Check out DCID’s summer course on Tax Analysis and Revenue Forecasting.

About the Faculty

Fernando Fernholz

Fernando R. Fernholz is a Professor of the Practice Emeritus at Duke University, where he teaches economic development, policies for development and public finance courses.

With expertise in economic development, policies for development and public finance, Fernando Fernholz has lectured on public debt, finance, balance of payments, macroeconomic issues in courses and workshops worldwide. He was a development associate working with the Public Finance Group of Harvard Institute for International Development 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.

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 PhD in Economics from Boston University.

Throughout the program, Fernholz invites guest lecturers from Duke University faculty representing different disciplines and perspectives, as well as senior practitioners in project appraisal and risk management from international organizations, financial institutions, and other prominent development institutions also instruct during this workshop.

The course is very practical, and I strongly agree that the skills I have acquired will be very helpful to me in undertaking my role as an analyst.

2023 PARM Participant