The North American Conference on Cost-Benefit Analysis of Manpower Policies studied the theory and applicability of cost benefit analysis to manpower programs. In the first part of this document various participants at the Conference discussed the theoretical and methodological aspects of cost benefit analysis for investment appraisal. It was assumed that if the benefits of manpower programs exceed the costs, then the welfare of the investor is increased. Thus where alternatives are available, the appropriate investment is indicated by the highest benefit/cost ratio. However, the units in which the benefits and costs are measured are not always commensurable. Individuals to whom the benefits accrue are not always identical to the group which incurs the cost. Also, benefits and costs are incurred at different points in time and for purposes of comparison the values should be adjusted by a discount rate. The second part of the volume examines the application of cost-benefit analysis to manpower programs. These include occupational training programs for adult workers sponsored by the U.S. Department of Labor and programs aimed at reducing poverty by training disadvantaged workers. A list of participants is appended. (BC)