Project Appraisal for HAs

Location: London and Leeds
Level: Basic knowledge of Excel for Day 2.
Participants: Limited to a maximum of 8 on Day 2.
PC Requirements: Bring own laptop with Excel 2007 or later version.
Take-away: Powerpoint topic notes and illustrative financial case studies plus answers. Project appraisal model.

Course Dates (1 or 2 days):

  • 22nd & 23rd March 2018  London
  • 13th & 14th September 2018 London

Course Fees

  • Day 1: £400 + VAT
  • Day 2: £400 + VAT
  • 2 Days: £750 + VAT
  • (includes all refreshments, lunch and course documentation.)

PDF Brochure

The brochure also incorporates a booking form for you to complete and return to FSMD.

Course Structure

Project Appraisal for HAs participants can attend either day of the course or both days. Each of the two days can be attended as a stand-alone seminar but the two days complement each other.

Course Objectives

Day 1 (Principles & Techniques)

  • to increase participants’ understanding of best-practice procedures and techniques for appraisal of investment projects
  • to review the capital investment decision process
  • to explain the technicalities of DCF
  • to demonstrate analysis of investment and financing decisions
  • to provide a framework for project risk analysis and risk management

Day 2 (Excel Modelling Workshop)

  • to develop an accurate, efficient and reliable project appraisal model in Excel
  • to introduce sensitivity and scenario testing techniques in Excel
  • using both fundamental and advanced Excel techniques

Course Design

  • Project Appraisal for HAs is a two-day programme for people in housing associations and other related organisations who need to understand the principles and practice of project appraisal and project modelling.
  • Teaching will be interactive in style, the first day based on slide presentations and practical exercises to deal with technical issues, and the second day a workshop approach at a pace to suit all participants.
  • Real-life case studies to illustrate current social housing issues and demonstrate the complexities and judgemental issues of project appraisal and modelling.

Who Should Attend?

All those working in the social housing sector who need to understand the principles of project
appraisal and consolidate and extend their skills in key technical areas including building project
appraisal models in Excel.

Pre-requisite Knowledge

In advance of the course a basic knowledge of Excel is assumed.

Course Tutor

Richard Peck BSc, MBA has been closely involved in training and consultancy work for the National Housing Federation, the Tenant Services Authority and the Welsh Assembly Government; in particular projects such as “Measuring Up”, “Global Accounts”, and “Do you have the Capacity?”

He was responsible for building the WAG Sustainable Development Analysis Model and the NHF/TSA Borrowing Capacity User Model.

Originally a civil engineer, he managed infrastructure projects in the UK and the Middle East before studying for an MBA at Cranfield Business School prior to joining FSMD in 1989.

Richard specialises in financial modelling, principally for credit, project finance and corporate finance applications. Richard has advised and built models for a range of clients including Innogy PLC, Heineken, HSBC, Bayerische Landesbank, National Australia Bank, Lloyds TSB, Bankgesellschaft Berlin AG, Allied Irish Bank, Bank Leumi, Stockbrokers Dolman, Butler and Briscoe, the Welsh Government, National Housing Federation, Tenant Services Authority, Newcastle Building Society and Principality Building Society.

Course Timetable

Day 1 (Principles & Techniques)Day 2 (Excel Modelling Workshop)
9.00 – 10.30 Introduction – Investment Appraisal in HAs

  • Investment Appraisal Quiz
  • Discounting and The Time Value of Money
  • * Exercises and case studies
10.30 – 10.45 Coffee
10.45 – 12.45 Investment Appraisal Techniques

  • discounted cash flow and other methods
  • NPV, IRR, payback
  • * Exercises and case studies
12.45 – 13.30 Lunch
13.30 – 15.30 Cash Flows and Discount Rates

  • geared versus ungeared analysis
  • cash flow projection
  • cost of capital
  • use of terminal values in DCF
  • * Exercises and case studies
15.30 – 15.45 Tea
15.45 – 16.30 Project Risk Assessment and Management

  • project risk checklists
  • hedging and risk sharing techniques
  • sensitivity analysis
  • * Exercises and case studies
16.30 – 17.00 The Investment Appraisal Process

  • 3-stage model
  • the role of the Board and the non-executive
  • questions and answers
9.00 – 9.15 Introduction
9.15 – 10.30 Review of Advanced Excel Functions and Techniques

  • array arithmetic
  • grouping sheets
  • conditional statements

Basic Modelling Concepts and “Good-practice”

  • spreadsheet style guide

Advanced Excel Modelling Techniques

  • iterative calculations and alternatives
  • interest calculations
  • tracing and auditing
  • goalseek and Solver
  • Excel financial functions
10.30 – 10.45 Coffee
10.45 – 12.45 Project Appraisal Model Case Study

  • capital expenditures and disposals
  • I&E projections
  • cash flow adjustments
  • inflation and discount rates
  • financing cash flows
12.45 – 13.30 Lunch
13.30 – 15.30 Project Appraisal Model Case Study (cont’d)

  • discounting mechanics and metrics
  • terminal values
  • DCF, NPV, discounted pay-backs, profitability index
  • geared and ungeared approaches
  • project life and loan cover ratios
15.30 – 15.45 Tea
15.45 – 17.00 Advanced Modelling Techniques
Application to Case Study

  • sensitivity analysis
  • one-way data tables
  • two-way data tables
  • scenarios
  • beyond the two-way data table
  • data validation
  • advanced sensitivity techniques

Reserve a Place

If you would like to provisionally book a place on the Project Appraisal for HAs course, please fill in the form below. Alternatively, download the PDF brochure and booking form at the top of the page.

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Choose which day/s you would like to attend:
 Day 1 (Principles and Techniques)
 Day 2 (Excel Modelling Workshop)
 Both days

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Cancellation Period

    • Cancellations received 30 days prior to course commencement will be eligible for a refund less an administration charge of £50.
    • After this time no refund can be made although a substitute delegate is acceptable
    • FSMD reserves the right to cancel any of its courses. Either full refunds will be given OR a reserved place on the next available course.

Registration Fee

The registration fee includes participation on the course, documentation, lunch and refreshments throughout the day.

A VAT invoice will be issued to confirm your booking and joining instructions will be sent seven days before the course.