Master Capital Budgeting Through Real-World Scenarios
Most finance courses teach theory. We focus on the tricky situations you'll actually face—when the spreadsheet doesn't tell the whole story and judgment calls matter more than formulas.
Explore Our Autumn 2026 Program
Common Challenges We Actually Tackle
These are the exact dilemmas that trip up even experienced finance professionals. We break them down step by step.
Challenge 01
When NPV and IRR Give Conflicting Signals
Two projects. One shows better NPV, the other higher IRR. Your exec team wants a clear recommendation by Friday. We walk through the decision framework that considers reinvestment assumptions, project scale, and timing differences.
Challenge 02
Handling Sunk Costs in Mid-Project Reviews
Three million already spent. Project economics have shifted. The CEO wants justification for continuing. Learn how to separate emotional attachment from financial reality and present options that acknowledge past decisions without being trapped by them.
Challenge 03
Comparing Projects With Different Lifespans
Equipment replacement: Option A lasts 5 years, Option B runs for 8. Direct comparison fails. We show you the equivalent annual cost method and when replacement chains make sense versus when they create misleading conclusions.
Challenge 04
Real Options in Strategic Projects
Some investments buy future flexibility—pilot programs, R&D, market entry. Traditional DCF misses this value entirely. You'll learn when real options thinking matters and how to communicate strategic value beyond the numbers to stakeholders focused on payback periods.
Your Learning Journey
Our winter 2026 cohort follows a structured path from foundational concepts to complex decision frameworks.
Foundation Week
Time value of money, discount rates, and cash flow estimation. We move quickly through the basics you likely know, focusing on nuances that create problems later—like timing conventions and tax treatment subtleties.
Core Methods Deep Dive
NPV, IRR, payback, and profitability index. But more importantly—when each method misleads you and why finance teams sometimes prefer "wrong" metrics for valid organizational reasons.
Uncertainty and Risk Analysis
Sensitivity analysis, scenario planning, and Monte Carlo simulation. You'll build models that show stakeholders the range of outcomes instead of pretending we can predict the future with precision.
Capstone Project Work
Apply everything to a messy, ambiguous case with incomplete data and competing objectives. Present your recommendation to a panel who'll challenge your assumptions—just like real approval committees do.
Lachlan Thistlewood
Lead Instructor
Spent 15 years approving and rejecting capital projects at three different firms. Now teaches others how to build bulletproof business cases.
Quick Wins From Our Program
Stop Using WACC Blindly
Your company's weighted average cost of capital isn't appropriate for every project. Riskier ventures need higher hurdle rates. Safer infrastructure plays can use lower ones. We teach you how to justify project-specific discount rates to finance committees.
One participant saved their company from overpaying for an acquisition by adjusting the discount rate to reflect actual operational risk rather than using corporate WACC.
Build Flexibility Into Your Models
Assumptions change. Market conditions shift. Your model should make it easy to update inputs and see new results immediately. We show you spreadsheet architecture that handles scenario testing without breaking formulas or losing audit trails.
Proper model structure lets you answer "what if revenue comes in 20% lower?" in seconds instead of hours of rework.
Present Recommendations, Not Just Numbers
Decision makers want your judgment, not a data dump. Learn how to structure executive summaries that lead with the conclusion, support it with key metrics, and anticipate the questions you'll face in approval meetings.
We practice presenting to skeptical audiences who push back on assumptions—because that's exactly what happens in real capital allocation committees.
Applications Open for Autumn 2026
Our next cohort starts in April 2026 with limited enrollment. If you're ready to strengthen your capital budgeting skills through practical application, we'd like to hear from you.
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