In chapter two, we discussed the different variables that impact suitability for DL. Chapter three provided the capabilities and limitations of technologies that can be used for distance and distributed learning. The purpose of this chapter is to provide guidance on the major steps involved in a media conversion analysis. They include the initial screening for DL suitability, determining what portion of the course is suitable for conversion, selecting the appropriate media for conversion, determining the number of hours required for development, pricing the cost of development and maintenance, and doing a benefit/cost or return on investment (ROI) analysis. Before beginning the discussion on media conversion analysis, a life-cycle model and approach to DL projects are outlined.