Schedule, syllabus and examination date

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Course content

The course aims to give the students fundamental knowledge, both theoretically and practically on capital budgeting. Further, the course focuses on calculating project values and how these affect investment decisions. The course will combine lectures with case studies and assignments related to the health economics sector.

Learning outcome


You will know:

  • Decision-making under conditions of risk and uncertainty
  • About different appraisal methods
  • The impact of capital rationing, taxation, inflation and risk


You will learn:

  • To estimate expected values
  • Construct decision trees with two or multiple outcomes
  • To estimate value of perfect information
  • About the opportunity cost of investments
  • To calculate net present value, internal rate of return and accounting rate of return
  • How performance could be measured
  • The consequences of capital rationing, incremental taxation payment from investments and risk-adjusted discount rate
  • To apply sensitivity analysis applied to investment appraisal

General competences

You will be able to:

  • Understand the importance of investment decisions in general.


Students who are admitted to study programmes at UiO must each semester register which courses and exams they wish to sign up for in Studentweb.

If you are not already enrolled as a student at UiO, please see our information about admission requirements and procedures.


Recommended previous knowledge

HFIN4210 Finance


Written exam (2 hours)

The exam is digital.

Examination support material

Four types of calculators are allowed to be used during the examination: Citizen SR-270X, Citizen SR270X BTSPU, Casio FX-82MS and TI-30XIIS.

Language of examination

The examination text is given in English, and you submit your response in English.

Grading scale

Grades are awarded on a scale from A to F, where A is the best grade and F is a fail. Read more about the grading system.

Explanations and appeals

Resit an examination

For HEPMA students:

For Eu-HEM students:

An EU-hem student cannot present her or himself for the examination in a course more than two times. There will be held re-sits for EU-hem students who have failed an exam or who have legitimate absence (usually illness) in January and August. If you are entitled to a re-sit you must contact the student advisor via email no longer than one week after the result of the exam has been published.

Withdrawal from an examination

It is possible to take the exam up to 3 times. If you withdraw from the exam after the deadline or during the exam, this will be counted as an examination attempt.

Special examination arrangements

Application form, deadline and requirements for special examination arrangements.


The course is subject to continuous evaluation. At regular intervals we also ask students to participate in a more comprehensive evaluation.

Facts about this course






Every spring


Every spring

Teaching language