Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


The main objective of this course is to provide students with the capability to participate in capital investment decision-making processes. After this course students will understand the opportunities and limitations of various capital investment methods and how they could be used in modern organizations.

Credits: 6

Schedule: 01.03.2022 - 14.04.2022

Teacher in charge (valid for whole curriculum period):

Teacher in charge (applies in this implementation): Jari Huikku

Contact information for the course (applies in this implementation):

CEFR level (valid for whole curriculum period):

Language of instruction and studies (applies in this implementation):

Teaching language: English. Languages of study attainment: English


  • valid for whole curriculum period:

    The major topics of capital budgeting cover the general features of capital budgeting, cost of capital, costs and benefits of investments, flexibilities and uncertainties in capital budgeting, strategic investments, capital budgeting in modern production environment and in an international context, special features of R&D/IT-investments, and post-completion auditing.

Assessment Methods and Criteria
  • valid for whole curriculum period:

    1. Lectures given by Associate Professor Jari Huikku

    2. Exercises (40 %)

    3. Exam (60 %)


  • valid for whole curriculum period:

    - Classroom hours, 24 h

    - Class preparation, 16 h

    - Exercises 90 h

    - Exam preparation, 27 h

    - Exam, 3 h


Study Material
  • valid for whole curriculum period:

    Baker, H.K. and English P. (eds.) (2011) Capital budgeting valuation; Financial analysis for today's investment projects. ISBN 9780470569504.

    Material distributed by the lecturer.


Substitutes for Courses
SDG: Sustainable Development Goals

    9 Industry, Innovation and Infrastructure


Further Information
  • valid for whole curriculum period:

    Teaching Period:

    2020-2021 Spring IV

    2021-2022 Spring IV

    Course Homepage:

    Registration for Courses: In the academic year 2021-2022, registration for courses will take place on Sisu ( instead of WebOodi.

    Please see Sisu for the registration dates.

    Max. 60 students can be accepted to the course. Priority is given to students in the Accounting M.Sc. program and then CEMS students.

  • applies in this implementation

    The course will be an online course in 2022.