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Finance & Accounting

Capital Budgeting and Capital Allocation

Capital investment decisions shape an organisation's future for years. This course covers the full capital budgeting process: generating and screening proposals, estimating cash flows, applying NPV, IRR and payback, adjusting for risk, ranking projects under capital constraints and post-investment review. Participants evaluate realistic investment cases and design a capital allocation framework.

5 days Classroom or live online English
Smart Horizon Certified - Global Leadership Consultants
Take the course details with you.

Download the full standard outline: why attend, methodology, objectives, audience, competencies, the daily outline and current plans.

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Why attend

From knowledge to real-world impact.

Poor capital allocation ties up cash in low-return projects and starves high-value opportunities. This course helps you evaluate investments rigorously and allocate capital in line with strategy.

Workplace challenges

Professional Problems This Course Is Designed to Solve

The programme explores practical approaches to the following challenges. Results depend on how the learning is applied in your organisation.

  • Difficulty translating subject knowledge into practical workplace decisions.
  • Inconsistent approaches to the activities covered in the course outline.
  • Lack of a structured plan for applying and reviewing new skills.
Course methodology

How you will learn.

The course uses spreadsheet investment appraisal exercises, case studies, risk analysis workshops and capital allocation simulations.

Course objectives

What you'll take away.

By the end of this course, participants will be able to:

  • Explain the capital budgeting process and governance
  • Estimate relevant incremental cash flows
  • Apply NPV, IRR, payback and profitability index
  • Incorporate risk using sensitivity, scenario and probability analysis
  • Rank and select projects under capital constraints
  • Conduct post-investment reviews
Target audience

Who should attend.

This course is suitable for:

  • Finance managers and analysts
  • Project sponsors and engineers
  • Strategy and planning professionals
  • Board and investment committee members
  • Business unit heads
Target competencies

Capabilities you will build.

Participants will develop competencies in:

  • Investment appraisal
  • Cash flow estimation
  • Risk analysis
  • Capital rationing
  • Strategic alignment
  • Post-investment review
Course outline

Your learning journey.

A focused, practical outline with time to explore, apply and reflect.

Day 1Capital Budgeting Framework

  1. 09:00–09:54Strategic role of capital investment
  2. 09:54–10:48Capital budgeting process
  3. 10:48–11:00Investment categories
  4. 11:00–11:30Coffee break
  5. 11:30–12:12Investment categories (continued)
  6. 12:12–13:06Governance and approval levels
  7. 13:06–14:00Exercise: Reviewing a capital request

Day 2Cash Flow Estimation

  1. 09:00–09:54Relevant and incremental cash flows
  2. 09:54–10:48Working capital and terminal value
  3. 10:48–11:00Tax and inflation
  4. 11:00–11:30Coffee break
  5. 11:30–12:12Tax and inflation (continued)
  6. 12:12–13:06Common estimation errors
  7. 13:06–14:00Lab: Building project cash flows

Day 3Appraisal Techniques

  1. 09:00–09:54Time value of money
  2. 09:54–10:48NPV, IRR and MIRR
  3. 10:48–11:00Payback and profitability index
  4. 11:00–11:30Coffee break
  5. 11:30–12:12Payback and profitability index (continued)
  6. 12:12–13:06Choosing the discount rate
  7. 13:06–14:00Lab: Evaluating competing projects

Day 4Risk and Uncertainty

  1. 09:00–09:54Sensitivity and break-even analysis
  2. 09:54–10:48Scenario analysis
  3. 10:48–11:00Monte Carlo concepts
  4. 11:00–11:30Coffee break
  5. 11:30–12:12Monte Carlo concepts (continued)
  6. 12:12–13:06Real options thinking
  7. 13:06–14:00Case study: Large investment under uncertainty

Day 5Capital Allocation

  1. 09:00–09:54Ranking under constraints
  2. 09:54–10:48Portfolio view of investments
  3. 10:48–11:00Linking investment to strategy
  4. 11:00–11:30Coffee break
  5. 11:30–12:12Linking investment to strategy (continued)
  6. 12:12–13:06Post-investment audits
  7. 13:06–14:00Capstone: Capital allocation framework

The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.

Dates & venues

Find a session that works for you.

Confirmed dates accept registration requests. Tentative dates are enquiry only.

Singapore 16 Nov - 20 Nov 2026
Confirmed dates
£2,820.-Register
Online Live virtual classroom 16 Nov - 20 Nov 2026
Confirmed dates
£1,250.-Register
Cape Town 30 Nov - 4 Dec 2026
Confirmed dates
£1,890.-Register
Online Live virtual classroom 30 Nov - 4 Dec 2026
Confirmed dates
£1,250.-Register
London 7 Dec - 11 Dec 2026
Confirmed dates
£2,450.-Register
Online Live virtual classroom 7 Dec - 11 Dec 2026
Confirmed dates
£1,250.-Register
Dubai 14 Dec - 18 Dec 2026
Confirmed dates
£3,150.-Register
Online Live virtual classroom 14 Dec - 18 Dec 2026
Confirmed dates
£1,250.-Register
Frankfurt 4 Jan - 8 Jan 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 4 Jan - 8 Jan 2027
Confirmed dates
£1,250.-Register
Kuala Lumpur 18 Jan - 22 Jan 2027
Confirmed dates
£1,450.-Register
Online Live virtual classroom 18 Jan - 22 Jan 2027
Confirmed dates
£1,250.-Register
Paris 1 Feb - 5 Feb 2027
Confirmed dates
£2,860.-Register
Online Live virtual classroom 1 Feb - 5 Feb 2027
Confirmed dates
£1,250.-Register
Istanbul 15 Feb - 19 Feb 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 15 Feb - 19 Feb 2027
Confirmed dates
£1,250.-Register
Amsterdam 1 Mar - 5 Mar 2027
Confirmed dates
£2,540.-Register
Online Live virtual classroom 1 Mar - 5 Mar 2027
Confirmed dates
£1,250.-Register
Rome 8 Mar - 12 Mar 2027
Confirmed dates
£2,450.-Register
Online Live virtual classroom 8 Mar - 12 Mar 2027
Confirmed dates
£1,250.-Register
Singapore 15 Mar - 19 Mar 2027
Confirmed dates
£2,820.-Register
Online Live virtual classroom 15 Mar - 19 Mar 2027
Confirmed dates
£1,250.-Register
London 5 Apr - 9 Apr 2027
Confirmed dates
£2,450.-Register
Online Live virtual classroom 5 Apr - 9 Apr 2027
Confirmed dates
£1,250.-Register
Dubai 19 Apr - 23 Apr 2027
Confirmed dates
£3,150.-Register
Online Live virtual classroom 19 Apr - 23 Apr 2027
Confirmed dates
£1,250.-Register
Frankfurt 3 May - 7 May 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 3 May - 7 May 2027
Confirmed dates
£1,250.-Register
Vienna 10 May - 14 May 2027
Confirmed dates
£2,940.-Register
Online Live virtual classroom 10 May - 14 May 2027
Confirmed dates
£1,250.-Register
Kuala Lumpur 17 May - 21 May 2027
Confirmed dates
£1,450.-Register
Online Live virtual classroom 17 May - 21 May 2027
Confirmed dates
£1,250.-Register
Paris 7 Jun - 11 Jun 2027
Confirmed dates
£2,860.-Register
Online Live virtual classroom 7 Jun - 11 Jun 2027
Confirmed dates
£1,250.-Register
Istanbul 21 Jun - 25 Jun 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 21 Jun - 25 Jun 2027
Confirmed dates
£1,250.-Register
Barcelona 28 Jun - 2 Jul 2027
Confirmed dates
£2,840.-Register
Online Live virtual classroom 28 Jun - 2 Jul 2027
Confirmed dates
£1,250.-Register
Amsterdam 5 Jul - 9 Jul 2027
Confirmed dates
£2,540.-Register
Online Live virtual classroom 5 Jul - 9 Jul 2027
Confirmed dates
£1,250.-Register
Singapore 19 Jul - 23 Jul 2027
Confirmed dates
£2,820.-Register
Online Live virtual classroom 19 Jul - 23 Jul 2027
Confirmed dates
£1,250.-Register
London 2 Aug - 6 Aug 2027
Confirmed dates
£2,450.-Register
Online Live virtual classroom 2 Aug - 6 Aug 2027
Confirmed dates
£1,250.-Register
Dubai 16 Aug - 20 Aug 2027
Confirmed dates
£3,150.-Register
Online Live virtual classroom 16 Aug - 20 Aug 2027
Confirmed dates
£1,250.-Register
Rome 30 Aug - 3 Sept 2027
Confirmed dates
£2,450.-Register
Online Live virtual classroom 30 Aug - 3 Sept 2027
Confirmed dates
£1,250.-Register
Frankfurt 6 Sept - 10 Sept 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 6 Sept - 10 Sept 2027
Confirmed dates
£1,250.-Register
Kuala Lumpur 20 Sept - 24 Sept 2027
Confirmed dates
£1,450.-Register
Online Live virtual classroom 20 Sept - 24 Sept 2027
Confirmed dates
£1,250.-Register
Paris 4 Oct - 8 Oct 2027
Confirmed dates
£2,860.-Register
Online Live virtual classroom 4 Oct - 8 Oct 2027
Confirmed dates
£1,250.-Register
Istanbul 18 Oct - 22 Oct 2027
Confirmed dates
£2,650.-Register
Online Live virtual classroom 18 Oct - 22 Oct 2027
Confirmed dates
£1,250.-Register
Amsterdam 1 Nov - 5 Nov 2027
Confirmed dates
£2,540.-Register
Online Live virtual classroom 1 Nov - 5 Nov 2027
Confirmed dates
£1,250.-Register
Cape Town 8 Nov - 12 Nov 2027
Confirmed dates
£1,890.-Register
Online Live virtual classroom 8 Nov - 12 Nov 2027
Confirmed dates
£1,250.-Register
Singapore 15 Nov - 19 Nov 2027
Confirmed dates
£2,820.-Register
Online Live virtual classroom 15 Nov - 19 Nov 2027
Confirmed dates
£1,250.-Register
London 6 Dec - 10 Dec 2027
Confirmed dates
£2,450.-Register
Online Live virtual classroom 6 Dec - 10 Dec 2027
Confirmed dates
£1,250.-Register
Dubai 13 Dec - 17 Dec 2027
Confirmed dates
£3,150.-Register
Online Live virtual classroom 13 Dec - 17 Dec 2027
Confirmed dates
£1,250.-Register

Good to know

A few things to know.

How is the course delivered?

Our classroom programmes combine facilitated discussion, case studies, exercises and reflection. The precise format will be confirmed before enrolment.

Can you deliver this programme for our team?

Yes, you can enquire about a tailored programme. Share your goals, group size and preferred dates with our learning team.

Will I receive a certificate?

Participants who complete the programme receive a Smart Horizon UK certificate of attendance. Smart Horizon UK programmes are not externally accredited and do not award a professional qualification, licence or designation. Where a course title or outline refers to a professional certification (for example, AACE International's Certified Cost Professional), the programme supports learning and preparation only; the credential itself is awarded solely by the relevant professional body under its own application and examination requirements.

What should I confirm before booking travel?

Please confirm the session, exact venue, accessibility arrangements, fees and any visa requirements with the team before arranging travel. Tentative dates are not confirmed sessions.

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