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: 28.02.2023 - 20.04.2023

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, sustainability aspects, strategic investment analysis, 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:

    Lectures given by Associate Professor Jari Huikku, Exercises (50 %), Exam (50 %)

  • valid for whole curriculum period:

    - Classroom hours, 30 h

    - Class preparation, 16 h

    - Exercises 84 h

    - Exam preparation, 27 h

    - Exam, 3 h


Substitutes for Courses
SDG: Sustainable Development Goals

    6 Clean Water and Sanitation

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure

    12 Responsible Production and Consumption

    13 Climate Action


Further Information
  • valid for whole curriculum period:

    Teaching Language : English

    Teaching Period : 2022-2023 Spring IV
    2023-2024 Spring IV

    Enrollment :

    Registration for courses: in Sisu.
    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 arranged partly onsite, partly online through Zoom:

    1st week: Tuesday 28th February 8.30–11.45 o’clock (onsite; Ekonominaukio 1, V001)

    2nd- 5th weeks: Tuesdays 9.00–11.00 o’clock (online, Zoom); Thursdays 14.15–16.15 o’clock (onsite; Ekonominaukio 1, V002)

    6th week: Tuesday 4th April 8.30–11.45 o’clock (onsite, Ekonominaukio 1, V001)

    In addition, there will be a voluntary 'Invest for Excel tutoring' (Zoom) March 1, at 15.00-16.30. Invest for Excel (online version) will be used for an individual investment appraisal exercise in the beginning of the course.


    The course is very interactive. Students are expected to participate actively in the lectures by

    (1.) Writing learning diaries based on assigned pre-reading material, (2) Conducting investment appraisal exercises individually, (3) Preparing case analysis in small groups, and (4) Participating actively in the discussions.

    The top 5 contributors to class discussions will be given three bonus points. There will also be more traditional lecturing, as well as presentations by guest lecturers.