This article reports on a design-based research project to create a modelling tool to analyse the costs and learning benefits involved in different modes of study. The Course Resource Appraisal Model (CRAM) provides accurate cost-benefit information so that institutions are able to make more meaningful decisions about which kind of courses--online, blended or traditional face-to-face--make sense for them to provide. The tool calculates the difference between expenses and income over three iterations of the course and presents a pedagogical analysis of the learning experience provided. The article draws on a CRAM analysis of the costs and learning benefits of a massive open online course to show how the tool can illuminate the pedagogical and financial viability of a course of this kind.