Business projects come in many different forms: launching a new product, expanding the line of existing business, entering a new market, reengineering of the processes, modernizing, organizational restructuring, quality improvement, cost saving, and so forth. A project is desirable and should be undertaken if it creates new value. This happens, roughly speaking, when the project generates more profit than the project costs. 

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Project evaluation is a set of concepts, methods, and tools used to estimate financial value created by a business project. These days, almost universally, business project evaluation is done by modeling the project’s finances in a computer spreadsheet. The process entails gathering information about the project which serves as model inputs (estimates of required investment, capital and operating costs, prices of inputs and outputs, production capacity and volumes, and so forth), thinking through all consequences and incremental effects that the project causes, forecasting the project’s cash flows, and calculating the project’s NPV (Net Present Value). A project’s NPV is the value added to the business by undertaking the project.


For Whom

  • Entrepreneurs or start-ups with a need to financially evaluate business ideas.
  • Professionals in management positions in charge of projects, budgeting, investing, business development, idea commercialization, startups.
  • Bankers or government financial institution employees involved in assessment of other companies’ projects.
  • Career changers who have recently moved to financial positions but lack a strong finance/accounting background.
  • Executives with a need to refresh their finance knowledge.



Upon completion of this course, participants should be able to:

  • Carry out basic project evaluation based on financial criteria.
  • Critically review project evaluations prepared by others.
  • Understand the basics of “bottom line”: profitability, cash flows, shareholder value. Decide whether a project makes economic sense.


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Marek Jochec is Associate Professor of Finance at GSB NU. He has a Wharton MBA (specialization in Finance) and PhD in Finance from University of Illinois. Marek has taught Corporate Finance, Investments, Financial Modeling, Valuation, International Finance, and Financial Derivatives to graduate and executive students on several continents. Marek’s research is in the field of Asset Management, Market Microstructure, and Behavioral Finance. His publication “Patriotic Name Bias and Stock Returns” (Journal of Financial Markets) was cited by Robert Shiller in his Nobel Prize Acceptance Lecture. Marek contributed to and has been acknowledged in two leading global finance textbooks: Brealey/Myers/Allen: Principles of Corporate Finance and Benninga: Financial Modeling. Marek’s non-professional interests are in economic development and in environment and sustainability. He speaks Czech, English, and Russian.


Tools introduced:

  • Spreadsheet modeling in Microsoft Excel: sound structural business models, separation of model inputs, calculations, and outputs; usable, readable, and error-proof spreadsheets.
  • Use of Microsoft Excel financial formulas, use of Excel Solver for breakeven analysis, Data/Table for sensitivity analysis, copy/paste method for scenarios.


Dates:  Delivered over four classes during one week:

  • Evenings of April 27, 28, 29 (Wednesday, Thursdya, Friday) 18:00-21:15
  • Morning of April 30 (Saturday) 9:00 – 12:15.


Please note: This seminar is run with extensive use of MS Excel. In order to gain maximum benefit from the course we highly encourage participants bring your own laptop (preferably with set up Microsoft Excel 2010 Windows-based English version).


DAY-1 (Wednesday, April 27)




Introduction to basic business models using Microsoft Excel:

1.    Set up Excel, polish Excel skills.

2.    Absolute/relative cell references, formulas, copying/pasting, useful keystrokes and shortcuts, and installation/setup very useful add-ins: Solver and Analysis.




1.    Doing exercises in a business model.

2.    Basics of doing business and introduction/ review of some accounting and finance terms.


DAY-2 (Thursday, April 28)


Project Analysis I: Investment Decision Criteria




Modelling a project  


DAY-3 (Friday, April 29)


Project Analysis II: Adding complexity




Net working capital, interdependencies among different project parts, terminal value


DAY-4 (Saturday, April 30)


Synthesis: Price of a Common Stock, Return on Assets, Shareholder Value




How good projects translate into high stock prices


Wrap-up & Certificates



The program includes all course materials as well as snacks and beverages.



If you have any questions, please contact us by email or by phones +7 (7172) 69 45 74, 70 91 83, 70 66 67