PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 1

MONDAY, JUNE 27

9:00 – 10:30 Course Commencement

10:30 – 10:45 Break

10:45 – 12:30 Integrated Investment Appraisal

Introduction to Integrated Financial-Economic-Distributive-Risk Appraisal of Projects

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 1: The Integrated
References: Analysis”, Cost – Benefit Analysis for Investment Decisions, (January 2010)
 Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 2: A Strategy for the
Appraisal of Investment Projects”, Cost – Benefit Analysis for Investment
Decisions, (January 2010).

12:30 – 13:30 Welcome Lunch with Queen’s Economics Department Faculty

and Staff

13:30 – 15:00 Alternative Investment Criteria and Estimation and Use of Debt
Service Ratios

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 4: Discounting and
References: Alternative Investment Criteria” Cost-Benefit Analysis for Investment Decisions,
(January 2010).
 Ley, Eduardo, “Cost-Benefit Analysis: Evaluation Criteria (Or: “Stay away from
the IRR"), KNOWLEDGE BRIEF FOR BANK STAFF, PRMED, The World Bank,
February 2008.

15:00 – 15:15 Break

15:15 – 16:30 Distribution and Analysis of Case 1: Alternative Investment Criteria

Readings/  Handout of Alternative Investment Criteria case.

References:  Teaching Note: “Introduction to Excel and Word Computer Applications”,
Cambridge Resources International, Cambridge MA, 2003.

16:30 – 18:00 Walking Tour of Queen’s University

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 2

TUESDAY, JUNE 28

09:00 – 10:30 Development of Cash (Resource) Flow Statements

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 3: The Financial
References: Appraisal of Projects,” Cost –Benefit Analysis for Investment Decisions,
(January 2010).

10:30 – 10:45 Break

10:45 – 12:30 Determining Financial and Economic Values of Existing

Assets for Cash Flow Statements
Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 3: The Financial
References: Appraisal of Projects,” Cost –Benefit Analysis for Investment Decisions,
(January 2010).

12:30 – 13:30 Lunch

13:30 – 15:00 Analysis of Case 1

15:00 – 15:15 Break

15:15 – 18:00 Presentation of Case 1

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 3

WEDNESDAY, JUNE 29

09:00 – 10:30 Integration of Movements in Prices, Inflation, and Exchange

Rates

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 3: The Financial
References: Appraisal of Projects,” Cost –Benefit Analysis for Investment Decisions,
(January 2010).

 Harberger, A.C., “Chapter 2: Survey of Literature on Cost-Benefit Analysis for

Industrial Project Evaluation,” Project Evaluation: Collected Papers, University
of Chicago Press, 1976, pp. 42-48.

10:30 – 10:45 Break

10:45 – 12:30 Integration of Movements in Prices, Inflation, and Exchange

Rates (Cont’d)

Distribution and Analysis of Case 2: Financial Analysis of a

12:30 – 18:00 Cement Project

Handout of Financial and Sensitivity Analysis of case 2: Cement Project

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 4

THURSDAY, JUNE 30

9:00 – 10:30 Impacts of Inflation

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Appendix.3.2, Chapter 3:
References: “The Financial Appraisal of Projects”, Cost – Benefit Analysis for Investment
Decisions, (January 2010)

10:30 – 10:45 Break

10:45 – 12:30 Financial Modelling from Alternative Points of Views (Manila

Water)

Readings/  Harberger, AC., Jenkins, G., and Kuo, CY., “Chapter 3: The Financial
References: Appraisal of Projects,” Cost – Benefit Analysis for Investment Decisions,
(January 2010).

 Teaching note: Manila Water Project, Spreadsheet of Samz Power Project.

12:30 – 13:30 Lunch

13:30 – 15:00 Analysis of Case 2

15:00 – 15:15 Break

15:15 – 18:00 Analysis of Case 2

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 5

FRIDAY, JULY 1

9:00 – 10:30 Micro-Economics I for Economic Valuation

Readings/  Dhakal, D.N.S., Lecture Notes on "Foundations of Applied Microeconomics

References for Investment Appraisal,” Cambridge Resources International, 2000.

 Jenkins, G.P., and Harberger, A.C., “Chapter 7: Objectives and Framework

for Economic Investment Appraisal”, Cost-Benefit Analysis for Investment
Decisions, Queen’s University, 2002.

10:30 – 10:45 Break

10:45 – 12:30 The Importance of Scale and Timing and Adjusting for length
of life in Project Appraisal

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 5: Scale, Timing,
References: Length and Inter-Dependencies in Project Selection”, Cost – Benefit Analysis
for Investment Decisions, (January 2010).

12:30 – 13:30 Lunch

13:30 – 18:00 July 1 ( Canada Day) Celebration with JDIEP Faculty

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 1, DAY 6

SATURDAY, JULY 2
9:00 – 10:30 Micro-Economics II for Economic Valuation

 Dhakal, D.N.S., Lecture Notes on "Foundations of Applied

Readings/ Microeconomics for Investment Appraisal,” Cambridge Resources
References: International, 2000.

 Jenkins, G.P., and Harberger, A.C., “Chapter 7: Objectives and

Framework for Economic Investment Appraisal”, Cost-Benefit
Analysis for Investment Decisions, Queen’s University, 2002.

10:30 – 12:30 Participant Presentations of Case 2

12:30 – 18:00 Free Time

WEEK 1, DAY 7

SUNDAY, JULY 3

Free Time

12:00 – 18:00 Thousand Island Boat Cruise (at Lunch Hour)

END OF WEEK ONE

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 1

MONDAY, JULY 4

9:00 – 10:30 Principles Underlying the Economic Analysis of Projects

Readings/  Harberger, A.C., Jenkins, G.P., and Kuo, C.Y., “Chapter 7: Principles Underlying
References: the Economic Analysis of Projects,” Cost-Benefit Analysis for Investment
Decisions, (January 2010).

10:30 – 10:45 Break

10:45 – 12:30 Measurement of Costs and Benefits of Transportation

Investments

Readings/  Harberger, A.C., “Chapter 10: Cost-Benefit Analysis of Transportation Projects”,

References: Project Evaluation: Collected Papers, University of Chicago Press, 1976.

 Capital Appraisal Handbook, Road Agency of Limpopo, Cambridge Resources

International, MA, USA, 2004.

12:30 – 13:30 Lunch

13:30 – 15:00 Structure and Overview of M-12 Toll Road Financial Analysis

 Handout of Financial and Sensitivity Analysis of M-12 Toll Road Project

15:00 – 15:15 Break

15:15 – 18:00 M-12 Toll Road Financial Analysis: Traffic Demand and Toll
Design

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 2

TUESDAY, JULY 5

9:00 – 10:30 Economic Cost of Foreign Exchange

Readings/
References:  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 9: The Shadow Price of
Foreign Exchange and Non-Tradable Outlays,” Cost-Benefit Analysis for Investment
Decisions, (January 2010).

 Arnold C. Harberger, Notes on the Premia for Foreign Exchange and Non-Tradables
Outlays, University of California, Los Angeles, April 2003

 Harberger, A.C., Kuo, C. Y., Jenkins, G.P. and Mphahlele, M.P., “The Economic Cost
of Foreign Exchange for South Africa,” The South African Journal of Economics, Vol.
71:2, June 2003, pp. 298-324.

10:30 – 10:45 Break

10:45 – 12:30 Economic Prices and Conversion Factors for Tradable Goods

 Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 10: Economic Prices for
Tradable Goods and Services,” Cost-Benefit Analysis for Investment Decisions,
(January 2010).

 Teaching Note: “Estimation of Economic Prices for Traded Goods and Services,”
Queen’s University, Canada, (March 2007).

12:30 – 13:30 Lunch

13:30 – 15:00 M-12 Toll Road Financial Analysis: Financing Units, Exchange Rates
and Toll Design

15:00 – 15:15 Break

15:15 – 18:00 Participants Presentation M-12 Toll Road Financial and Sensitivity
Analysis

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 3

WEDNESDAY, JULY 6

9:00 – 10:30 Measurement of Economic Prices of Non-Tradable Goods

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 11: Economic Prices
References: for Non-Tradable Goods and Services,” Cost-Benefit Analysis for
Investment Decisions, (January 2010).

 Teaching Note: “Senegal Water and Sanitation Project,” Queen’s

University, Canada, 2006.

10:30 – 10:45 Break

10:45 – 12:30 Economic Valuation of Willingness to Pay in Non-

Competitive Markets

Readings/  Graves, Philip E. and Sexton, Robert L., "Demand and Supply Curves:
References: Rotations versus Shifts" (March 2003). Atlantic Economic Journal, Volume
34, Number 3, September, 2006.

12:30 – 13:30 Lunch

13:30 – 15:00 Structure and Overview of M-12 Toll Road Economic

Analysis

 Handout of Economic Analysis of M-12 Toll Road Project.

15:00 – 15:15 Break

15:15 – 18:00 M-12 Toll Road Economic Analysis

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 4

THURSDAY, JULY 7

9:00 – 10:30 Stakeholder and Basic Needs Analysis

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 13: Evaluation of
References: Stakeholder Impacts,” Cost-Benefit Analysis for Investment Decisions, (January
2010).

 Harberger, AC., Jenkins G.P., and Kuo, C.Y., “Chapter 14: The Shadow Price of
Government Funds, Distributional Weights and Basic Needs Externalities”, Cost –
Benefit Analysis for Investment Decisions, (January 2010).

10:30 – 10:45 Break

10:45 – 12:30 Economic Opportunity Cost of Capital

Readings/  Harberger, A.C., Jenkins, G.P. and Kuo, C.Y, “Chapter 8: The Economic
References: Opportunity Cost of Capital,” Cost-Benefit Analysis for Investment Decisions,
(January 2010).

 Kuo, C. Y., Jenkins, G.P. and Mphahlele, M.P., “The Economic Opportunity Cost of
Capital for South Africa,” The South African Journal of Economics, Vol. 71:3,
September 2003, pp. 496-516.

12:30 – 13:30 Lunch

13:00 – 18:00 M-12 Toll Road Stakeholder Analysis

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 5

FRIDAY, JULY 8

9:00 – 10:30 Economic Aspects of Foreign Financing

Readings/  Jenkins, G.P, “Economic aspects of foreign financing,” Queen’s University, Canada. (
References: February 2001)

10:30 – 10:45 Break

10:45 – 12:30 Evaluation of Economic Values of Environmental Impacts

12:30 – 13:30 Lunch

13:30 – 15:00 Structure and Overview of M-12 Toll Road Stakeholder Analysis
Handout of Economic Analysis of M-12 Toll Road Project.

15:00 – 15:15 Break

15:15 – 18:00 REVIEW

11
 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 2, DAY 6

SATURDAY, JULY 9

08:00 Niagara Falls Trip (Whole Day)

WEEK 2, DAY 7

SUNDAY, JULY 10

9:00 – 13:30 Free Time (AM)

13:00 – 18:00 Distribution, Selection and Analysis of Major Cases

END OF WEEK TWO

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 1

MONDAY, JULY 11
9:00 – 10:30 Economic Opportunity Cost of Labor

Readings/  Harberger, A.C. and Jenkins, G.P., Kuo, C.Y, “Chapter 12: The Economic
References: Opportunity Cost of Labor,” Cost-Benefit Analysis for Investment Decisions,
(January 2010).

 Bicak, H., Jenkins, G.P., Kuo, C. Y., and Mphahlele, M.P., “An operational guide
to the Estimation of The Economic Opportunity Cost of Labour in South Africa,”
The South African Journal of Economics, Vol. 72:5, December 2004.

10:30 – 10:45 Break

10:45 – 12:30 Participants Presentation ; M-12 Toll Road Economic and

Stakeholder
Readings/  Lecture Notes
References:

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 2

TUESDAY, JULY 12

9:00 – 10:30 Costs and Benefits of Electricity Investments

Readings/  Harberger, A.C., “Chapter 9: Marginal Cost Pricing and Social

References: Investment Criteria for Electricity Undertakings,” Project Evaluation:
Collected Papers, University of Chicago Press, 1976.

10:30 – 10:45 Break

10:45 – 12:30 Foundations of Risk and Uncertainty

Readings/  Lecture Notes

References:

12:30 – 13:30 Break

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 3

WEDNESDAY, JULY 13

9:00 – 10:30 Risk Analysis

Readings/  Harberger, AC., Jenkins, G.P, and Kuo, C.Y., “Chapter 6: Dealing with
References: Uncertainty and Risk in Project Appraisal”, Cost – Benefit Analysis for
Investment Decisions, (January 2010)

 Savvides, S., “Risk Analysis in Investment Appraisal”, Project Appraisal,

Volume 9, Number 1, March 1994, pp. 3–18.

 Brigham, “Risk Analysis and the Optimal Capital Budget”, Chapter 10,
Canadian Financial Management, 3rd ed., Holt, Rinehart and Winston of
Canada.

10:30 – 10:45 Break

10:45 – 12:30 Introduction to Risk Analysis Program Risk Demonstration Case:

Internet Service Provider (ISP) Case

Readings/  Mun, J., “Chapter 5: Peering into the Crystal Ball,” Applied Risk Analysis:
References: Moving Beyond Uncertainty in Business, John Wiley & Sons, Inc., 2004, pp.
91-105.

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 4

THURSDAY, JULY 14

9:00 – 10:30 Risk Management and Principles of Contracting, Risk

Sharing and Risk Reduction

Readings/  Glenday, G., “Risk Sharing Contracts in Project Appraisal,” Canadian

References: Journal of Program Evaluation, 1996.

 Mun, Johnathan, “Chapter 10: The Search for the Optimal Decision,”
Applied Risk Analysis: Moving Beyond Uncertainty in Business, John
Wiley & Sons, Inc., 2004, pp. 237-252.

 Mun, Johnathan, “Chapter 11: Optimization under Uncertainty,” Applied

Risk Analysis: Moving Beyond Uncertainty in Business, John Wiley &
Sons, Inc., 2004, pp. 253-266.

10:30 – 10:45 Break

10:45 – 12:30 Cost Effectiveness

Readings/  Harberger, A.C. and Jenkins, G.P., and Kuo, C. Y., “Chapter 15: Cost-
References: Effectiveness and Cost-Utility Analysis” Cost-Benefit Analysis for
Investment Decisions, (January 2010)

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 5
FRIDAY, JULY 15

9:00 – 10:30 Cost Effectiveness Analysis in Health Sector

Guest Lecturer

10:30 – 10:45 Break

10:45 – 12:30 Cost Effectiveness Analysis in Health Sector(Cont’d)

Guest Lecturer

12:30 – 13:30 Lunch

13:30 – 15:00 Course Review for Participant Evaluations

15:00 – 15:15 Break

15:15 – 17:00 Course Review for Participant Evaluations (Cont’d)

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 3, DAY 6
SATURDAY, JULY 16

09:00 – 10:30 Participant Evaluations

10:30 – 10:45 Break

10:45 – 12:30 Preparation of Major Cases

12:30 – 13:30 Lunch

13:30 – 18:00 Preparation of Major Cases

WEEK 3, DAY 7

SUNDAY, JULY 17
Free Time (AM)

13:30 – 18:00 Preparation of Major Cases

END OF WEEK THREE

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 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 4, DAY 1

MONDAY, JULY 18

9:00 – 10:30 Parameterization of Risk

Readings/  Lim, Henry and Jenkins, Glenn, Appendix of "An Integrated Analysis of a
References: Power Purchase Agreement."

 Harberger, A.C., and Jenkins, G.P., (ed.), “Introduction: The Treatment of Risk
in Public Project Evaluation,” Cost-Benefit Analysis, Edward Elgar Publisher,
2002, pp. xxxviii to xlii.

 Mun, Johnathan, “Chapter 8: Tomorrow’s Forecast Today,” Applied Risk

Analysis: Moving Beyond Uncertainty in Business, John Wiley & Sons, Inc.,
2004, pp. 175-183.

 Mun, Johnathan, “Chapter 9: Using the Past to Predict the Future,” Applied
Risk Analysis: Moving Beyond Uncertainty in Business, John Wiley & Sons,
Inc., 2004, pp. 184-234.

10:30 – 10:45 Break

10:45 – 12:30 Elements of Project Finance

Readings/  Yescombe E. R, “Chapter 2: What is Project Finance,” Principles of Project
References: Finance, Academic Press, 2002.

 Finnerty, J.D., “Chapter 1: Introduction,” “Chapter 2: The Rational for Project

Financing,” “Chapter 5: Legal Structure,” Project Financing – Asset-Based
Financial Engineering, John Wiley & Sons, Weinheim, 1996.

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

19
 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 4, DAY 2

TUESDAY, JULY 19

9:00 – 10:30 Project Finance and Identification of Project Risks

Readings/  Beale C. W.,, Trends in Limited and Non-Recourse Financing, 1984.

References:
 John M. Niehuss, An Introduction to International Project Financing, 1982.

 Finnerty, John D, "Chapter 3: Analysis of Project Viability," Project

Financing: Asset Based Financial Engineering, John Wiley & Sons, 1996.

10:30 – 10:45 Break

10:45 – 12:30 Public Private Partnerships

Readings/  Hemming Richard, “Chapter 1: Public-Public Partnerships,” Public-Private
References: Partnerships, Government Guarantees, and Fiscal Risk. International
Monetary Fund, Washington DC, 2006.

 Leigland. J, and Shugart., C.,” Is the public sector comparator right for
developing countries? Appraising public-private projects in infrastructure”
Gridlines: World Bank Public-Private Infrastructure Facility (PPIAF),Note
No.4, April 2006.

 Bettingnies J. and Ross W., (2004) “The Economics of Public-Private

Partnerships”, Canadian Public Policy/Analyse de Politiques, Vol. 30, No.
2. (Jun., 2004), pp. 135-154, Canada.

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

20
 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 4, DAY 3

WEDNESDAY, JULY 20

9:00 – 10:30 Security Arrangements and Project Contractual Structure

Readings/  Finnerty, John D, "Chapter 4: Security Arrangements," Project Financing:

References: Asset Based Financial Engineering, John Wiley & Sons, 1996.
 Sapte, W., “Chapter 4: Overview of Contractual Structures”, Project
Finance: The guide to financing build-operate-transfer projects, Euromoney
Books, London, 1997.
 Yescombe E. R, “Chapter 6: Project Contracts (1),” Principles of Project
Finance, Academic Press, 2002.

10:30 – 10:45 Break

10:45 – 12:30 Managing Contingent Liabilities

 H. Polackova (1998), Government Contingent Liabilities: A Hidden Risk to
Fiscal Stability, Policy Research Working paper, Poverty Reduction and
Economic Management Sector Unit, Europe and Central Asia, The World
Bank, pp. 1-8.
 Hemming Richard, “Chapter 2: Government Guarantees and Fiscal Risk,”
Public-Private Partnerships, Government Guarantees, and Fiscal Risk.
International Monetary Fund, Washington DC, 2006.
 Baldwin C., Lessard D. and Mason S. (1983), Budgetary Time Bombs:
Controlling Government Loan Guarantees, Canadian Public Policy –
Analyse de Politiques, XI:3:338-346, Canada.

12:30 – 13:30 Lunch

13:30 – 15:00 Preparation of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Preparation of Major Cases

21
 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 4, DAY 4

THURSDAY, JULY 21

9:00 – 10:30 Preparation for Presentation of Major Cases

10:30 – 10:45 Break

10:45 – 12:30 ALL MAJOR CASES DUE

Submit in hard-copy and electronic form:
– Write-Up (*.doc)
– Spreadsheet (*.xls)
– Presentation (*.ppt)

12:30 – 13:30 Lunch

13:30 – 15:00 Presentations of Major Cases

15:00 – 15:15 Break

15:15 – 18:00 Presentations of Major Cases

22
 PROGRAM ON INVESTMENT APPRAISAL AND RISK ANALYSIS

June 27 – July 22, 2011

WEEK 4, DAY 5

FRIDAY, JULY 22

9:30 – 10:30 Prof. Arnold C. Harberger Project Appraisal: A Perspective

10:30 – 11:00 Break

11:00 – 12:00 Prof. Arnold C. Harberger Project Appraisal: A Perspective

12:30 – 15:30 Closing Ceremony

END OF THE PROGRAM

23