What is the most critical step in the capital budgeting


What is the most critical step in the capital budgeting process? Why are there no "absolute" answers to capital budgeting decisions?

How does a firm assess a new capital project? How would models of project value such as NPV and IRR incorporate changes in economic outlook? What are other capital budgeting criteria besides NPV and IRR?

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Operation Management: What is the most critical step in the capital budgeting
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