Article: A framework for integrating capital budgeting analysis with strategy.

Introduction

Financial theory for selecting capital budgeting projects is well established |40~. Many articles advance the argument that discounted cash flow (DCF) models capture the true economic value of long-term investments. Surveys of current practice demonstrate that DCF models are, in fact, the primary decision models used for both conventional capital budgeting decisions |18~ and for high technology investments |41~. Surveys of practicing managers, however, also indicate that many decision makers are not satisfied with the implementation of these time value approaches; much of the apparent dissatisfaction relates to the lack of a formal linkage between ...

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