The second module of the 2006 Programme on Investment Appraisal and Risk Analysis(PIARA) was held from 4th – 15th September 2006 at Eskom Leadership Development Centre in Midrand, South Africa. This programme extends the financial analysis in Module I to cover economic and social considerations, as well as stakeholder analysis. Except for two, all participants from Module I (32) returned for module II, including one from the 2005 Module I programme. The Floating Trophy for the best overall candidate for PIARA 2006 was awarded to Mrs Motshehwa Elicia Ramushu from Development Bank of Southern Africa at a Graduation Dinner held on 15th September 2006. ““Well, I don’t know what to say. All I can say is that I have put a lot of effort into the course and I’m very excited to have been chosen as the best candidate for the year”, said the delighted Elicia after receiving the award.