Business and hence strategic planning is becoming increasingly internationa
l. Within that internationalisation foreign direct investment (FDI) has bec
ome increasingly important, especially in E/SE Asia. A logical step then is
to seek appropriate methods for modelling and evaluating those FDIs. Exclu
ding the core financial appraisal the literature is sparse. This paper desc
ribes an empirical examination of these issues based on a sample from the U
K's top 250 listed companies. The results of responses to a questionnaire a
re described with elaboration gleaned from eight detailed, follow up interv
iews. The picture to emerge is one of systematic treatment of the basic fin
ancial calculations but fairly rudimentary modelling of non-financial aspec
ts. The treatment of risk was most typically through amendment of cash flow
s for core business risks and adjustment of the hurdle rate for 'wilder' ri
sks. There is discussion of some of the subtler points of 'wild' risk's tre
atment and some outline suggestions for models to tackle other non-financia
l aspects of overall project evaluation. It is also suggested that the thin
king developed may be applicable to a wider class of investment proposals.