1. Cambridge*Resources*International*Inc.*
60*Montgomery*St,*Cambridge*MA*02141*USA**
Web:*www.criCworld.com*C*Email:*contact@criCworld.com*C*Tel:*(+90)*533C868C3760*
Mailing*Address:*P.O.*Box*381590,*Cambridge,*MA.*02238C1590,*USA**
Ms. Clarisse Mukaneza
Statistician
Nyarugenge District
P.O. Box 1092 Kigali
Rwanda
catellisse@yahoo.fr
September 24, 2013
Dear Ms. Clarisse Mukaneza,
It was indeed a pleasure to work with you while you were a participant in the Program on Project
Formulation and Design (Module I: May 6 – 17, 2013 & Module II: September 2 – 13, 2013)
conducted in Gisenyi, Rwanda by the Cambridge Resources International Inc., Cambridge,
Massachusetts, USA.
At this time I want to congratulate you on your successful completion of the Program. Based on your
performance on the examinations and the graded case studies, including the major case, you earned a
grade of “A-” in Module I, and a grade of “B” in Module II.
I am enclosing a document that formally describes the academic content of the Program. This may be
used to obtain credit for this work at an university or for any other purpose where a detailed
description of the program would be of assistance.
A record of your performance will be maintained at the Cambridge Resources International Inc. for
your future reference.
Sincerely yours,
Glenn P. Jenkins
Program Director
Professor of Economics

2. Cambridge*Resources*International*Inc.*
60*Montgomery*St,*Cambridge*MA*02141*USA**
Web:*www.criCworld.com*C*Email:*contact@criCworld.com*C*Tel:*(+90)*533C868C3760*
Mailing*Address:*P.O.*Box*381590,*Cambridge,*MA.*02238C1590,*USA**
Ms. Clarisse Mukaneza
Statistician
Nyarugenge District
P.O. Box 1092 Kigali
Rwanda
catellisse@yahoo.fr
September 24, 2013
RE: ACADEMIC CONTENT
Program on Project Formulation and Design
(Module I: May 6 – 17, 2013 & Module II: September 2 – 13, 2013)
Offered by Cambridge Resources International Inc.
The Program covered in detail a range of subjects in project formulation, financial, economic,
stakeholders, and risk analysis, finance, computer techniques and management that apply to investment
projects. The performance of participants has been evaluated on their work through an examination,
solutions to an assignment, five preparatory case studies, and the completion of a feasibility study. As a
part of the course work, each participant applied the knowledge and skills he/she acquired to prepare an
integrated appraisal of a major investment project.
The total number of lecturing hours was 60 (sixty), plus 100 (one hundred) hours of laboratory and case
analysis. The topics covered in the program include:
I. Project identification
II. Project Formulation
Project cycle
Project concept note (PCN)
Project appraisal document (PAD)
III. Objectives of Investment Appraisal
IV. Organizing the Different Stages of Investment Appraisal
Project environment
Stages in development of feasibility studies
V. Financial Analysis
Development of project cash flows
Different perspectives and project sustainability
Projection of real prices through time
Ensuring consistency among nominal prices, exchange rates, and interest rates
Evaluation of debt service capacity
Uses and limitations of different investment criteria
Advanced techniques in project modeling

3. Cambridge*Resources*International*Inc.*
60*Montgomery*St,*Cambridge*MA*02141*USA**
Web:*www.criCworld.com*C*Email:*contact@criCworld.com*C*Tel:*(+90)*533C868C3760*
Mailing*Address:*P.O.*Box*381590,*Cambridge,*MA.*02238C1590,*USA**
VI. Cost Effectiveness
Principles of Cost Effectiveness with Application to Budget Allocation for
Construction vs. Repair
Cost effectiveness analysis in health sector
VII. Economic and Stakeholder Analysis
Micro-Economics I for Economic Valuation
Micro-Economics II for Economic Valuation
Principles Underlying the Economic Analysis of Projects with Application on Foreign Exchange
Economic Prices and Conversion Factors for Tradable Goods
Measurement of Economic Prices for Non-Tradable Goods and Services
Economic Opportunity Cost of Capital
Economic Opportunity Cost of Labor
Stakeholder Analysis and The Economic Cost of Foreign Financing
VIII. Risk Analysis and Project Finance
Foundations of Risk and Uncertainty
Risk Analysis
Parameterization of Inputs and Forecasting
Risk Management and Principles of Contracting, Risk Sharing and Risk Reduction
IX. Applications to Development Projects
Costs and Benefits of Transportation Investment
Costs and Benefits of Electricity Investments
Opportunity Cost of Investment in Wind and Solar Capacity in Developing Countries
Measurement of Economic Benefits in Water and Telecommunications Projects
In addition to the topics listed above, participants achieved a high degree of proficiency in the use of
microcomputers. Specifically, participants enhance their skills in:
• The use of computers in project evaluation
• The use of the software “Crystal Ball” in assessing the riskiness of development projects
The content, course requirements, level of instruction and classroom contact hours of the Program on
Project Formulation and Design are such that if it were offered during the regular academic year of many
North American or European universities, it would be comparable to two semester length graduate
courses.
I trust this information will assist you in assessing the academic content of Program on Project
Formulation and Design.
Sincerely yours,
Glenn P. Jenkins
Program Director
Professor of Economics