COVENANT UNIVERSITY
COLLEGE OF BUSINESS AND SOCIAL SCIENCES
DEPARTMENT OF ECONOMICS AND DEVELOPMENT STUDIES.
Session
: 2014/2015
Course Code: ECN317
Course Title: -PROJECT ANALYSIS AND EVALUATION
Course Lecturers: Professor George & Mr. Adewole M. Adeolu
Office Number: D302D & Ext. 2188
Email: musiliu.adewole@covenantuniversity.edu.ng
Course Description: This course exposes the students to the tools of project, analysis
appraisal and evaluation as well the difficulty faced in the course of project evaluation.
The broad areas of interest include costing of projects, investment criteria (PV and IRR)
measures of commercial profitability, the social costs of investment, project assessment,
and the desirability and success of projects.
Course Objectives:
The course intends to achieve the following objectives
*Creates in students the awareness of the role of projects in economic development.
*Equip the students with the analytical tools required in private and public project
analyses, appraisal and evaluation.
*Make the students appreciate the fact that public projects are government intervention
mechanism or an alternative allocation system.
Recommended Readings
George, E .O (2000). Project Analysis, CESAP Publications, Ogun State University,
(OOU), Ago-Iwoye, ISBN 978-3519298.
O. Odufalu and M.A. Loto (2005): Project Analysis and Evaluation, Principles and
Techniques, Concept Publications, Lagos. ISBN 9788065554. Co-Authors:
Gittinger, Price (1996). Economic Analysis of Agricultural Projects, EDI Series in
Economic Development, Johns Hopkins University, Baltimore and London.
Kayode M. O (1989). The Art of Project Evaluation, Ibadan University Press.
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COURSE OUTLINE
MODULE ONE –Scope and Concept of Project Evaluation
Week 1
(i) Project-The cutting edge of development
(ii) What is a project?
(iii) Plans and Projects
Week 2
(iv). Aspects of project preparation and analysis.
(v) The project Cycle
MODULE TWO - COST ANALYSIS
Week 3
(i) Introduction
(ii) The size factor-Cost functions,
(iii) Location of projects,
Week 4
Location of private manufacturing projects, Location of public manufacturing projects
Week 5: Cost overrun problem and solutions.
MODULE THREE -ESTIMATING PROJECT BENEFITS
Week 6
(i) Introduction
(ii) Types of benefit
Week 7
(iii) Procedure for estimating future benefit-Forecasting, econometric approach and
qualitative techniques and survey.
MODULE FOUR –MEASURES OF COMMERCIAL PROFITABILITY
Week 8
(i) Introduction
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(ii) Data Presentation
(iii)The Appraisal method
Week 9
(iv)The Inspection method
(v)Payback Period method
(vi)Return on Investment method
Week 10
(vii)Discounting
(viii)Internal Rate of Returns
(ix) Present Value Approach
(x) Sensitivity Analysis
(xi) Desirability and Success: Evaluating Uncertainties
MODULE FIVE -SOCIAL PROJECT DESIRABILITY
Week 11
(i) Introduction-Investment Criteria
(ii)The adjustment Approach
Week 12
(iii) Shadow Pricing
(iv) Project Classification
Module 6-GOVERNMENT INTERVENTIONS IN THE ECONOMY AS SOCIAL
PROJECTS.
Week 13
Public goods-Theory and application to public projects.
Week 14
Externalities- Theory, Principles and Types:
Positive and Negative Externalities.
Method of Teaching/Teaching Aids:
*Two hours of lecture and an hour of tutorials per week.
*Lectures to be conducted with audiovisuals as well multi-media projector.
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Method of Grading
Class Group Assignment
Mid-Semester Examination
Final Examination
Total
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


Marks Allocation
20%
10%
70%
100%
Rules of Conduct
Students are expected to be in class before the commencement of lectures and to
be well-behaved for the lecture objectives to be achieved.
Entrance into lecture hall will not be allowed after five minutes of the
commencement of lecture.
Students are expected to actively participate in class discussions in an interactive
manner.
Prior notice of intention to be absent from lectures must be given ahead of time.
Topics for Term Paper/Assignments
*Projects, Plans and Economic Development
*Feasibility Study preparation
Alignment with Covenant University Visions/Goals
This course is designed in line with the visions and goals of the university. In this respect,
it gives greater emphasis on the ability to develop the skills of writing feasibility reports
and comprehensive appraisal of any projects.
Contemporary Issue/Industry Relevance
Quantitative skills are necessary in today’s industry. Therefore, practical examples are
drawn from the industry in order to enhance students’ interest in the course.
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