Program on Investment Appraisal and Risk Analysis (PIAR)

Period: August 15th - September 9th, 2021

For the 21st year, Queen’s University is offering its state-of-the-art 4-week program on Investment Appraisal and Risk Analysis for professionals working in public and private organizations. Due to uncertainty concerning COVID-19 infections and possible travel restrictions in Canada, Queen’s University’s PIAR is being hosted in 2021 by Cyprus International University in North Cyprus (TRNC). Queen’s PIAR faculty team will be conducting the course. The curriculum and the method of training will be identical to that of the Regular and Training of Trainers Programs normally held at the campus of Queen’s University. A Certificate on Investment Appraisal and Risk Analysis will be issued upon successful completion of the program.

Participants will learn how to conduct the Integrated Analysis of Investment Projects including financial, economic, risk and stakeholder analysis. They will gain skills in the design and testing of risk management contracts, public private partnerships (PPPs), and the evaluation of project financing options.

Through lectures by internationally recognized experts, applied case studies, and group discussions, participants will gain practical knowledge, and obtain a global perspective of recent developments in these fields.

Professionals who have undergone training in Investment Appraisal are eligible for our Training of Trainers stream.


The goals of the program are to develop the operational skills of participants so that they are able to:

  • Plan and assess all aspects of investment projects
  • Add value through the redesign of projects
  • Prepare project financing agreements
  • Design strategies to address stakeholder concerns
  • Develop sustainable PPP models

Course Outline

The curriculum covers the Integrated Investment Appraisal Methodology, including the financial, risk, economic, and stakeholder analysis. Topics include:

Financial Modeling

Website - PIAR2

  • Project environment
  • Stages in development of feasibility studies
  • Development of project cash flows
  • Different perspectives and project sustainability
  • Projection of real prices through time
  • Insuring consistency among nominal prices, exchange rates, and interest rates
  • Evaluation of debt service capacity
  • Uses and limitations of different investment criteria
  • Scale and timing decisions
  • Privatization and regulation issues

Risk Analysis and Project Finance

  • Assessing sources and nature of project variability
  • Risk assessment techniques
  • Monte Carlo Simulation using Crystal Ball
  • Quantification of risk variables
  • Project financing
  • Public-Private Partnerships
  • Risk management
  • Management of Contingent Liabilities
  • Evaluation of contracts and Project Viability
  • Public investment management

Economic Analysis

  • Economic valuation of marketed and non-marketed goods and services
  • Economic opportunity cost of capital
  • Economic cost of foreign exchange
  • Economic cost of human resources
  • Cost effectiveness analysis
  • Economic analysis of projects in different
    sectors including power, education,
    transportation, health, agriculture, water,
    and telecommunication

Environmental Analysis

  • Economic valuation of environmental impacts
  • Integration of environmental analysis with project appraisal

Stakeholder Impact Assessment

  • Identification of stakeholders
  • Measurement of projects’ impact on each group of stakeholders
  • Social analysis of projects: basic needs analysis




This program has been crafted for people who design, select, or finance projects. The acquired operational skills have proven to be effective for the career development of individuals in a wide range of organizations, including:
  • Public and private enterprises
  • Banks and financial institutions
  • Government ministries and regulatory agencies
  • International development agencies
  • Management, engineering, and business consulting firms
Participants of past programs include CEOs of utilities and infrastructure firms, directors of government ministries, professionals from international financial organizations such as the World Bank, the European Bank for Reconstruction, the Inter-American Development Bank, the African Development Bank, the Caribbean Development Bank, the Asian Development Bank, and the International Finance Corporation. Our website maintains a record of our distinguished alumni and testimonies from our past participants on the relevance of this program to their work and career development. Visit the Alumni section of our website to learn more about our past programs and their participants.

An exceptional learning experience! A well-designed program that I would highly recommend to anyone involved in designing projects.

Mr. Paul Karekezi

Managing Director GIBB Africa Ltd., Kenya
2018 PIAR Alumni
2019 PIAR ToT Alumni

Mehrshad Radmehr

An exceptional learning experience! A well-designed program that I would highly recommend to anyone involved in designing projects.

Mr. Zagros Fatah Siwaily

Faculty of Economics and Administrative Science
Cyprus International University
2010 PIAR Alumni

An exceptional learning experience! A well-designed program that I would highly recommend to anyone involved in designing projects.

Assistant Prof. Dr. Mehrshad R Hashemipour

Director General for Capital Investment Budget,
Ministry of Planning Iraq, Kurdistan Region
2015 PIAR Alumni

An exceptional learning experience! A well-designed program that I would highly recommend to anyone involved in designing projects.

Cynthia Arthur

Principle Economist
Ministry of Finance, PIP Unit
2019 PIAR Alumni

Study Method

  • Application of analytical tools
  • Balanced combination of lectures, discussion groups, case studies, and computer-based exercises
  • Individual guidance from international teaching staff

The program places emphasis on the integrated approach for investment appraisal. This methodology allows the analyst to use a single model to evaluate a project from different points of view including, but not limited to, the private operator, as well as the fiscal, social, and environmental impacts.


Queen's University

Queen’s University was established by Royal Charter in 1841 and is one of Canada’s most distinguished universities. Since 2000, the PIAR has offered annually by the John Deutsch International Executive Programs of Queen’s University. During this period, there has been continuous collaboration between faculty members from North Cyprus universities and PIAR.

Cyprus International University 

The island of Cyprus may be small, but thanks to its strategic location in a spectacularly beautiful part of the Mediterranean Sea, it has always had a colorful international character and identity. This was the inspiration for the establishment in 1997 of Cyprus International UniversityLocating the University just outside the historic capital city of Nicosia in North Cyprus, the plan was to develop an institution that would have an international impact.  Twenty-five years later, the university offers over 100 degree programs to around 15,000 students from over 100 different countries. 

Most recently, the CIU Masterplan for campus development, developed by ARUP, one of the world’s top design, planning, and engineering companies, was awarded first place in the international Urban Design category in the ‘Architecture, Construction and Design Awards 2020’ competition. 


North Cyprus

Cyprus International University

Costs and Funding

The cost for this 4-week program is US$ 13,000. This fee includes tuition, housing, health insurance, course materials, computer facilities, software, and all social events, but does not include airfare and other meal costs. Sponsorship is normally provided by the participant’s employer or by other funding organizations. Candidates should approach their current employer or other funding organizations in advance in order to obtain financial support.

Admissions Policy

The program is open to persons holding a university degree in economics, finance, management, accounting, banking, engineering, or related disciplines. In addition, prior work experience is taken into consideration.

How to Apply

We strongly encourage you to use our online application form. Applications may also be submitted by email, fax, or mail. Please download our offline application form if you chose not to apply online. To ensure smooth communication, please provide a postal address and a street address, for both home and office (where different), office and home phone and fax numbers wherever possible, and an email address, if available.