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2010/1 Module Catalogue
 Module Code: MANM036 Module Title: PROJECT APPRAISAL
Module Provider: School of Management Short Name: MA202
Level: M Module Co-ordinator: CHEN JJ Dr (SoM)
Number of credits: 15 Number of ECTS credits: 7.5
Module Availability
Spring Semester
Assessment Pattern

Unit(s) of Assessment
Weighting Towards Module Mark( %)
Written Assignment

Module Overview


Cost-benefit analysis (CBA) is a multi-disciplinary subject linked with both economics and finance.  CBA is a valuable tool indecision-making and has experienced rapid development since 1970s, especially in its wide implication on trade and investment, agriculture, enviromental and health programme.

It is important for the successful development of tourism that planned projects are carefully and fully appraised for their costs and benefits both for the individual investors and for the community at large.  The issues of successful and effective project appraisal become more urgent as tourism grows and becomes more complex.

This module has been designed to explore the issues that lie behind effective project appraisal and to examine appraisal techniques and approaches and in particular to contrast the aims and objectives of the private and public sectors

Module Aims

Summary of Aims

The approach adopted is of appraising projects from the private sector viewpoint, using financial appraisal analysis, and from the public sector viewpoint using economic  cost benefit analysis.  The module wll enable students with basic knowledge of economics and finance to understand the rationale of CBA, to interpret the use analyses done by others, and to undertake simple CBA unaided.

Learning Outcomes

On successful completion of this module the student will:

  • be familiar with the main issues and problems associated with conducting financial appraisal studies;
  • be aware of the main methods of conducting cost-benefit studies
  • be able to select appropriate appraisal methods
  • be aware of the requirements for developing and implementing project appraisal in practice
  • be able to undertake simple CBA unaided.
Module Content
  • Public versus private sector objectives
  • Conventions - pricing, discounting etc.
  • Project criteria
  • Risk/uncertainty 
  • Shadow pricing
  • Non traded outputs/externalities
  • Application of CBA to particular fields


Methods of Teaching/Learning
The teaching and learning strategy provides a framework of the existing knowledge and theories and of the latest techniques combined with opportunities for the students to develop and test their own knowledge against real life examples. 

Against this strategy the teaching and learning methods include: lectures and case studies with students participating in presentations.

Transferable skills

          Problem solving
          Report writing
          Skills of Analysis and synthesis

          Problem solving          Report writing          Skills of Analysis and synthesis
Selected Texts/Journals
Essential Reading

Mclaney, E. (2009) Business Finance: Theory and Practice (8th Ed),  Pearson Education.
SMell,M. (2002), Cost-benefit analysis for engineers and planners, London: Thomas Telford.

Supporting Reading

Boardman,  A.E., Greenberg,  D.H., Vining,  A.R. an Weimer, D.L. (2001), Cost-benefit Analysis: Concepts and Practice, Prentice Hall.

Brent, R.J. (1997), Allpied Cost-Benefit Analysis, Edward Elgar.

Little,  I.M.D. and Mirrlees,  J.A.  (1974), Project appraisal and planning for developing countries, Heinemann educational,  London.

ODA  (1998), Appraisal of projects in developing countries  (3rd edn),  Overseas Development Administration, London.

Squire,  L. and van der Tak,  H.G.  (1975), Economic Analysis of Projects, John Hopkins University Press, Baltimore (for the World Bank).

Perkins, F.C. (1994), Practical cost-benefit analysis: basic concepts and applications, Macmillan Education Australia.

UNIDO  (1972),  Guidelines and Project evaluation,  United Nations Industrial Development Organisation.

Impact Assessment and Project Appraisal, Beech Tree Publishing, UK. ISSN  (print)          
1461-5517 and E-ISSN (electronic) 1471- 5465
Journal of Business Finance and Accounting
Journal of Business Research
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