INSTITUTE of BUSINESS MANAGEMENT

College of Business Management

Department of Accounting & Finance

Project Appraisal - FIN513/608

Faculty:
1. Overall Aims of Course
This course objective is to explain project appraisal process and to enable the student to learn
how real life projects are appraised / evaluated. The course covers all aspects of a project
appraisal, which includes project definition, project development cycle, management/sponsors
appraisal, market appraisal including demand and supply analysis, technical appraisal, and
financial appraisal. Moreover, the procedures and techniques applied to carry out the project
appraisal are to be discussed so that students could learn how to evaluate a project, and also
undertake a practical exercise of a project appraisal.
The students must have learned the basic concept of marketing and financial aspects of a
business firm in their respective undergraduate courses. This course will give an opportunity
to the students to learn how to apply all those aspects collectively in the appraisal of a project
or say capital investment. By the end of this course, students should be able to understand the
challenges associated with making investment and financing decisions of a business
organization.
2. Intended learning outcomes of course (ILOs)

a.

Knowledge and understanding:

Students should be able to:
Assimilate information and understand the concepts of project appraisal as well as the steps
involved in appraisal leading to a decision making process and ultimately reaching a
conclusion.
Understand various aspects required to be assessed in appraising a project, particularly the
projected financial statements and understand of relevant analytical tools.
To be able to make rationale judgment by clear interpretations of quantitative results
obtained through analysis.

b. Intellectual skills
Students should be able to
c. Acquire in-depth analysis of appraisal matters.
d. To be able to synthesize information and data.
e. Create thinking process to evaluate a project through realistic assumptions about the
future.
c. Professional and practical skills
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After completion of the course the students should be able to:

comprehend the process of an analysis of various aspects of a project.
explain the risk and return associated with a particular project.
understand calculated investment decisions as financial managers of an organization.
d. General and transferable skills
Knowledge & skill secured in the course will:
work effectively with others as a member of a group and meet obligations to other (e.g.,
instructors, peers, and colleagues).
explore and make access to range of learning resources
manage information, collect appropriate data from a range of resources and undertake simple
research tasks with external guidance.
take responsibility for own learning with appropriate support.
enhance understanding of key factors underlying appraisal of a project.
improve skill of writing & presenting an appraisal report.
facilitate personal financing decision making.
be applied in professional life.

Session

3. Contents:

1
&
2

Topic
Overview of Project and Project Appraisal
In these sessions, besides class and course introductions as well as the administrative
rules/restrictions to be followed during the semester, students are to be briefed with the
teaching methodology to be adopted during this course.
A quick overview of will be given to the students as what is a project & project appraisal
process; why appraisal is necessary; difference between project and capital
investment/budgeting; various types of project; project development cycle; and facets of
project analysis.
Sub-topics to be covered: What is a project, capital investment/budgeting; basic
characteristics of a project; its importance and difficulties; types of projects or capital
investments; phases of project; facets of project analysis; generation of capital investment
ideas; scouting for project ideas; tools for identifying investment opportunities; and
preliminary screening of project ideas.
Learning objectives:
Define the project, and explain who does the project appraisal & why it is done.
Know the main features of projects, and explain the project development cycle.
Understand the importance and difficulties associated with capital investments.
Describe the broad phases of capital budgeting.
Know the goals of project and participants of a project.
Describe the important facets of project appraisal.
Learn the important aspects of monitoring the environment.
Describe the popular tools helpful in identifying promising investment
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opportunities.
Explain how project ideas could be generated.
Describe the key aspects to be considered for a preliminary screening of
investment ideas.
Pedagogy
1. Input session (students centered)
2. Lecture with discussion
3. Review and evaluation (student centered)
3
to
5

Market Appraisal Aspects

Generally, the first step in project analysis is to estimate the potential size of the market for
the product proposed to be manufactured (or services planned to be offered) and get an
idea about the market share that is likely to be captured. Accordingly, the students will be
taught in this analysis how to get answer to the two broad issues: what is the likely
aggregate demand for the project/service? What share the market will be proposed project
enjoy?
Sub-topics to be covered: Collection & evaluation of secondary data; conduct market
survey for primary data; steps in sample survey; characterization of the market to
determine effective demand in the past and present; techniques available for demand
forecasting; uncertainties involved in demand forecasting; and the need for a marketing
plan.
Learning objectives:
List the important sources of secondary information useful for market and
demand analysis.
Describe the steps in a sample survey and information to be sought in the market
survey.
Discuss the key dimensions along which the market is characterized.
Explain various methods of demand forecasting.
Understand the uncertainties in demand forecasting.
Explain how market plan for a new product is prepared.
Pedagogy
1. Pre Class independent study
2. Input session (students centered)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter
as part of their assignment.
5. Review and evaluation (student centered through oral/written
quiz)

6
&
7

Technical Appraisal Aspect

Analysis of technical and engineering aspects is done continually when a project is being
examined and formulated. Other types of analyses are closely intertwined with technical
analysis. The students will be taught the broad purpose of technical analysis is to (a) to
ensure that the project is technically feasible in the sense that all the inputs required to set
up the project are available, and (b) to facilitate the most optimal formulation of the project
in terms of technology, size, location, and so on. Having gone through this analysis,
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students would realize that while technical analysis is essentially the preserve of the
technical expert, the financial analyst participating in the project appraisal exercise should
be able to raise basic issues relating to technical analysis using common sense and
economic logic.
Sub-topics to be covered: Choice of appropriate manufacturing process/ technology;
technical arrangement aspects with the collaborators; material input and utilities; plant
capacity decision; location and site selection; machineries and equipment procurement
aspects; structure of civil works; environment aspects to be evaluated; and schedule of
project implementation.
Learning objectives:
Discuss the considerations that have a bearing on the choice of technology.
Understand the various aspects which need to be workout in technical
arrangement with the collaborators.
Describe the various material inputs and utilities required for a project.
Discuss the factors that have a bearing on the capacity decision.
Describe the factors to be considered in choice of location and site.
List the important charts and layouts that define the scope of project.
Learn the information required for preparing a project implementation schedule
and work schedule.
Pedagogy:
1. Pre class independent study
2. Student centered input session
3. Lecture discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)
8
to
1
0

Financial Appraisal Aspects

After having completed the market and technical appraisal of a project, students must be
able to get the answer to two basic questions: Can the proposed goods or services be
produced? Can that goods or services be sold out? The third & important question students
must learn that can the investors earn a satisfactory return on the investment made in the
project. To answer this question, in these sessions, students would learn how to appraise
the project financially. Initially, discussion on financial appraisal will start which will be
covered in following sessions as well. In these sessions, students will first learn how to
estimate the total cost of a project, and the sources available to finance it; how to estimate
the sales & production as well as various other costs of production.
Sub-topics to be covered: Cost of project & its various sub-components; means of
finance; estimates of sales and production; cost of production; working capital requirement
and its financing.
Learning objectives:
Describe the key elements of project cost.
Discuss the means of finance available for financing a project.
Describe key factors that have bearing on debt-equity ratio for a project.
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Discuss the features of various domestic & foreign sources of finance.

Learn different terms/terminologies related to financing are used in the market.
Specify the kind of information lenders want for appraising term loan requests.
Discuss how financial institutions appraise a project.

Pedagogy
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)
1
1
1
2
to
1
7

1st Mid Term Exam

Profitability Evaluation: Financial Projections & Analysis
Based on above learned estimates of sales & various cost of production, in these sessions,
students will learn how to develop the financial projections for three financial statements
i.e., income statement, cash flow statement, and balance sheet, to assess the financial
viability of the project. Students will be required to undertake this exercise for a couple of
financial projection cases. Besides, students will be taught how capital budgeting
techniques, learned in their other finance courses (i.e., NPV, IRR, MIRR, etc.), will be
applied in order to assess the return on investment.
Sub-topics to be covered: Profitability projections (or estimates of working results);
projected cash flow statement; projected balance sheet; basic assumptions underlying
financial projections; and multi-year projections; estimating the cost of capital (WACC);
application of project evaluation techniques i.e., NPV, IRR, MIRR, etc. to assess financial
viability of the project.
Learning objectives:
Describe the major components of cost of production.
Understand the working capital requirements and its financing.
Develop profitability projections.
Develop projected financial statements.
Develop financial modeling using spreadsheet.
Learn how to calculate the cost of capital.
Describe how to apply selection criteria (i.e., NPV, IRR, etc.) to select a project.
Describe the elements and basic principles of project cash flow stream.
Learn ratio analysis, break-even and sensitivity analysis of a project.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)

Project Risk Analysis

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Risk is inherent in almost every business decision. More so is capital budgeting decision as
they involve costs and benefits extending over a long period of time during which many
things can change in un-anticipated ways. So students will be taught in this session what
types of risks are involved and how to undertake the project risk analysis.
Sub-topics to be covered: Sources of risk; measures of risk; sensitivity analysis, scenario
analysis; break-even analysis; debt service coverage ratio, etc.
Learning objectives:
Describe the sources, measures, and perspective on risk.
Explain the techniques of sensitivity analysis, scenario analysis, and break-even
analysis.
Learn the debt service coverage ratio, its significance, and how to calculate this
ratio.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)

1
9

Sponsors and Management Appraisal

In this session, students will learn how to evaluate the sponsors/promoters background,
their commitment, and financial resources; the management structure of the company
running this project; and how to evaluate it.
Sub-topics to be covered: Sponsors/promoters background & past experience, their
interest in other businesses; their understanding of the project; and their financial
resources. Proposed management structure of the firm; its legal framework; key position
holders; and its evaluation.
Learning objectives:
Learn the importance of appraisal of management and sponsors of a project.
Understand sponsors management structure and what needs to be appraised.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)

2
0
2
1
to

2nd Mid Term Exam

Estimation of Project Relevant Cash Flow
Estimates of relevant cash flows are a key element in investment evaluation. Here the
students will be taught how to estimate the relevant cash flows which would be used to
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2
3

analyze and on which the investment criteria would be applied to make a investment
decision.
Sub-topics to be covered: Elements of cash flow stream; basic characteristics of cash
flows stream; basic principles of cash flow estimation; cash flow illustrations; cash flows
for a replacement project.

Learning objectives:
Describe the elements of the project cash flow stream.
Discuss the basic principles of cash flow stream
Calculate the cash flow stream for a replacement project.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)
2
4
&
2
5

Financing of Infrastructure Projects

Infrastructure includes the capital required to produce economic services form utilities and
transport works and is central to promoting economic activity. Students will learn in these
sessions, the concept and term used in infrastructure projects; concept of project finance,
and how the structure and financing of infrastructure projects are different than normal
industrial projects.
Sub-topics to be covered: Infrastructure project configuration, key project parties; project
contracts; project financing structure full & limited recourse structure; and financing of a
power project; risk mitigation mechanisms.
Learning objectives:
Learn the concept of project financing and how it is different than conventional
financing.
Describe the concept of BOOT/BOO/BOT.
Explain the typical configuration of an infrastructure project.
Describe the role and responsibilities of various project parties.
List the contents of key project contracts.
Describe the ways of managing risk in infrastructure projects.
Pedagogy:
1. Pre Class independent study.
2. Input session (students centered through oral questioning).
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)

Project Implementation & Control

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Though this aspect is generally not part of project appraisal, but here the students will be
given an overview (only for information) and significance of project implementation &
control, and how it is generally carried out.
Sub-topics to be covered: Forms of project organization; project planning including
concept of bar charts or Gantt chart, network techniques i.e., PERT & CPM
Learning objectives:
Describe different forms of project organization.
Discuss the tools of project planning.
Explain how performance analysis is done.
Specify pre-requisites for successful project implementation.
Explain how a project networks is developed, and its significance in project
implementation.
Discuss the importance of PERT & CPM techniques.
Discuss how time for project activities is estimated.
Explain procedure for determining the critical path.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered through oral questioning)
3. Lecture with discussion followed with some calculation exercises.
4. Students to solve the problems given towards end of the chapter as part of their
assignment.
5. Review and evaluation (student centered through oral/written quiz)

2
7
&
2
8

Term Assignment Report Presentation

Each group of 2-3 students will be required to choose at their own and appraise a green
field project covering all the aspects to be covered in this course. Students will also be
given a broad outline for this report.
Students will be required to submit their draft of market & demand
analysis in the 13th session, whereas draft of technical analysis in 20 th
session for instructors review and feedback. The complete report will be
required to be submitted by 25th sessions. Thereafter, each group will be
required to make a formal presentation of their appraisal report through
multi-media in these sessions. Other students would be encouraged to
raise relevant questions to be answered by the presenter group.

Learning objectives:
Develop the presentation skill.
Gain confidence to face Q&A sessions.
Remove their hesitation, if any, in making presentation and answering questions.
Pedagogy:
1. Pre Class independent study
2. Input session (students centered)
3. Raising of questions & answers on the presented report.
4. Review and evaluation (student centered)
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2
9
&
3
0

Final Exam
Students will be tested on their conceptual and applicative grasp of ALL the aspects of
financial management taught. The three hour test should be prepared focusing sharply on
the learning outcomes detailed above in section 2a, 2b and 2c of this curriculum read
together with the learning outcomes identified in each of the significant sessions above,
with a special focus on the learning outcomes of sessions that feed directly into the
following finance courses i.e., corporate finance, strategic financial management, security
analysis, portfolio management, financial derivatives, financial institutions, project
appraisal, and others.

4. Teaching and Learning Methods

i)

ii)
iii)

Lectures The theory and concept involved in each topic will first be explained to the
students through lectures, along with few practical examples where possible. Reference
points of textbook used will be given to students for further review and comprehension as
well as discussion(s).
Problem-solving Few related problems to be solved in the class which would help in
understanding the theory/concept behind the relevant topic. Students would be advised to
attempt and solve end of the chapter problems at home for maturing the concept/theory.
Interactive Discussions To have feedback on the understanding of the topic, highly
interactive discussions to take place between students and the instructor in the class.

5. Student Assessment Methods

a. Two mid-term of one hour each and one final exam of 3 hours to assess subject knowledge
b. Class participation, oral questions and written quizzes during the class to assess the
understanding of the concepts taught in the class.
c. Class assignments to assess their problem solving skills.
d. Presentation of given term assignment in the class to assess comprehension of given topic &
presentation skill.

Rubrics for Marking

SKILLS
Comprehension
and Analysis

Planning and

Advanced

Proficient

Basic

Minimal

Always understands
the key
aspects/issues in
project appraisal.
Accurately
interprets all the
relevant topics, and
demonstrates
excellent analytical
skills.

Frequently
understands the
key issues in
project appraisal.
Able to
interpret all the
relevant topics,
and demonstrates
good analytical
skills

Usually
understands the
key issues in
project appraisal.
Familiar with all
the relevant
topics, but
sometimes faces
difficulty in
financial analysis

Unsatisfactory
knowledge of key
issues in project
appraisal.
Inadequate
understanding of
all the relevant
topics.
Generally unable
to analyze
financial data due
to weak concepts

Excellent

Good

Satisfactory

Unsatisfactory

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Forecasting

understanding of the
market/demand
forecasting and
financial planning
process. Able to
develop projected
financial statements
and relevant cash
flow statements.

understanding of
the market/demand
and financial
planning process.
Able to conduct
high level financial
forecasting

understanding of the
market/demand and
financial planning
process.
Occasionally faces
difficulty in
financial forecasting

understanding of the
market/demand
and/or financial
planning process.
Finds difficulty in
financial forecasting

Decision Making

Always understands
the techniques
required to take
calculated
investment &
financing decisions
of a project.

Frequently
understands the
techniques
required to take
calculated
investment &
financing decisions
of a project.

Usually
understands the
techniques required
to take calculated
investment &
financing decisions
of a project.

Rarely understands
the techniques
required to take
calculated
investment and/or
financing decisions
of a project.

Problem Solving

Always finds a
number of ways to
solve the problem on
own initiative

Frequently seeks
out other ways to
solve the problem,
and rarely needs
support or
guidance

Usually seeks out

other ways to solve
the problem, but
occasionally needs
support or
guidance

Rarely seeks out

other ways to solve
the problem and
frequently needs
support and
guidance

Always
demonstrates
personal
management skills,
and is eager to learn

Frequently
demonstrates
personal
management skills

Usually
demonstrates
personal
management skills

Rarely
demonstrates
personal
management skills

Always
demonstrates
effective teamwork
skills and often takes
initiative in a group
setting that exceeds
required skills.

Frequently
demonstrates
effective teamwork
skills and rarely
needs support or
guidance in
teamwork
activities

Usually
demonstrates
effective teamwork
skills, and
occasionally needs
support or guidance

Rarely
demonstrates
effective teamwork
skills, and
frequently needs
support and
guidance. Often
wants to work
independently

Always participates
in required projects
and tasks. Completes
all assignments and
projects

Frequently
participates in
required projects
and tasks.
Completes most
assignments and
projects

Usually participates
in required projects
and tasks.
Completes some
assignments and
projects.

Rarely participates
in required projects
and tasks.
Completes few
assignments and
projects

Personal
Management

Team work

Participation in
projects and tasks

Assessment
methods
1 Quizzes

to assess

Assessment
schedule: week:

Weight
age

Understanding of what was taught in the

last class and/or to know students
advance reading & understanding of

Minimum 3
quizzes, with no
fixed schedule.

5%

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2 Assignments

3 Class
participation;
submission and
presentation of
term report.
4 1st Mid Term test
5 2nd Mid Term test
6 Final exam

topic what is to be next taught.

To solve end of the specific chapter
problems. Purpose to assess
enhancement & maturity in
understanding of chapter & and skill to
apply that knowledge.
Understanding of all aspects of project
appraisal and development of report.
Intellectual and analytical skills; as well
as & communication and presentation
skills.
Knowledge and understanding of the
topics/chapters covered.
Knowledge and understanding of the
topics/chapters covered.
Comprehensive knowledge & skills of
the course.

As & when specific

chapter is
completed.

5%

During each
session; and
presentation in
week 10

20%

15%

11

15%

16

40%
Total: 100%

6. List of references
a. Course Notes
If any (as per requirement / practice of Professor/Instructor.)

b. Recommended Books
Projects (Planning, Analysis, Selection, Financing, Implementation, and
Review) by Prasanna Chandra
c. Reference Materials
Bhavesh M. Patal, Project Management, Strategic Financial Planning,
Evaluation, and Control.
Manual for the preparation of Industry Feasibility Studies (UNIDO)
Case studies on selected topics (to be referred or provided by the
Instructors)
d. Periodicals, Websites
Journal of Finance
Business Recorder
Investopdia.com
7. Facilities required for teaching and learning

Classroom PC
Classroom multimedia and overhead projector.
Panoramic whiteboard across front class wall along with removable markers.
Access to a corporation for the term research project.
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Clock on back and front class wall

Working AC, lights and fans.

Head of Department
Date: / /

Dean: __________________
Date: / /

------------------------------

PROJECT APPRAISAL (FIN513)

Semester-Long Experiential Learning Project
An effective way to help students learn about the project appraisal is to let them appraise an actual
appraisal of an identified project.
The class will be divided into groups (3 students maximum per group), each group will decide on a
project they wish to appraise. During the course of the semester each of key elements of project
appraisal, coordinating with the text chapter, will be due for review. Market and demand supply
portion of the report will be required to be submitted for review after 1 st mid-term exam. Technical
appraisal aspect of the project will be required to be submitted before 2 nd hourly. While complete
report will be required to be submitted in session 26 towards end of semester. Thereafter, each group
will be presented their appraisal report on multi-media to the whole class.
A general outline of a project appraisal report (appended below), covering almost all the aspects
covered in this course, will be given to students in advance to facilitate them to undertake their
appraisal of the chosen project.
General Outline of a Project Appraisal Report
(New Manufacturing Unit)
1. Introduction
Brief background of the assignment, project company name, covering what has been done in
this report.
2. Sponsors of Project
Sponsors of project individuals or firms; their shareholdings; background; experience; their
resourcefulness; understanding of business as promoters; other business interest; sister
concerns; their financial resources, credit worthiness, etc. If a firm is the sponsor, then their
operating results of existing business.
3. Corporate Set-up & Management
Proposed Project Company is public or private ltd.; Board of Directors of the Project
Company, their background, qualifications, experience, directorship on other firms, etc.
Proposed Management Structure of the Company - an organization chart showing various key
positions e.g., CEO, various departments and their head, etc.; if already chosen, then their
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name, qualification, & experience background; alternatively, what is proposed for induction
in future.
4. Project Description
A brief description of project (with gross and net capacity) being appraised; its location;
estimated total cost; product to be produced; etc.
5. Market Prospects
A brief on relevant industry. past (5-10 years) demand & supply situation; Import (if any);
their prices; key suppliers name & quantity of supply; gaps in past (source of these data);
Forecast of future (5-10 years) demand & supply method used in forecast; Gaps to be
available in future demand and supply showing potential demand of product expected
Company market share.
6. Technical Aspects Project Facilities:
a) Technology chosen;
b) Project location; Land; Building & Civil Works (key components detailed list be
attached as annexure); Plant & Machinery (key components detailed list be attached as
annexure); Supplier of Plant & Machinery under EPC contract or turnkey contract, or
otherwise, etc. procurement process of plant & machinery.
c) Technical Arrangement (if any) for the transfer of technical know-how key terms of the
same;
d) Inputs Quantity required, availability, and sources of required Raw Material; Labour /
Manpower; Utilities.
e) Schedule of Project Implementation time frame of project completion.
f) Environmental Aspects types of effluents & emission generated; disposal / treatment
process of the same being adopted; environmental clearance from regulatory body;
compliance of statutory requirement.
7. Project Cost and Means of Financing
Detailed breakdown of total estimated project cost with amount (in currency required)- all
key component of total cost to covered - (details of each cost component how arrived to be
covered in annexure); and
Sources of financing with amount & currency.
8. Operating & Financial Results
Summarized operating, financial, (& economical) results along with key ratios i.e.,
summarized salient component of income statement, cash flow; and balance sheet;
WACC; NPV; and IRR figures detailed working of each to be covered in annexure.
Cash & Commercial break-even points, and sensitivity analysis basis & their results, are to be
presented in the body of the report whereas details be covered in annexure.
9. Conclusion & Recommendations
Conclude whether the project has potential demand; technically sound; and financially (&
economically) feasible or not how and on what basis; break-even points; how sensitive is
the project; and followed by recommendation whether should it be financed & implemented
or not.
10. Annexure to be attached with the report
a. Location & site map
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b. List of Plant & machinery; Building & Civil works; Misc. fixed assets
c. Assumptions underlying Financial Projects
d. Detailed working of calculation of all inputs raw material; labour; utilities; overheads,
etc.
e. Detailed working / breakdown of each major components of estimated project cost,
covered in the body of report.
f. Projected Financial Statements (i.e., Income statement, Cash flow statement, and
Balance sheet) with other associated schedule e.g., working of depreciation charges;
principal & interest repayment schedule; working capital requirement schedule
g. Detail working of WACC calculation; and IRR calculation along with relevant cash flow.
h. Break-even analysis commercial and cash basis.
i. Sensitivity analysis income statement; cash flow; and balance sheets, based on different
varied assumptions.

*************************

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