CapitalBudgetingDecidehowtoinvestmoneysothatitsvalueismaximizedCapitalBudgetingProcessCapitalbudget(investment)(benefit)flowsfromalternativecapitalinvestmentopportunitiesEvaluateproposalsusingselectedcriteriaIncreaseloginventorytoreduceriskofmilldowntimeduringSpringbreakup?CapitalBudgetingProcessSelectalternativestofundandimplementReviewperformanceforfeed-backtodecisionmakersBuynewskiddertoreducemaintenancecostonoldoneandincreaseproductivity?PresentValueInternalRateofReturnBenefit/CostRatioPaybackPeriodNotationARR–alternativerateofreturnB-annualnonmarketvalue,dollarsB/C-benefit/costratioEAA-equivalentannualannuityIRR-internalrateofreturnMAR–eptablerateofreturnN-projectlife,presentvalueNotationCy–costinyearyPV-presentvaluer-realinterestrateRy-revenueinyearyy-PresentValueNPV=∑=∑RyCy(1+r)y(1+r)yy=0nRy-Cy(1+r)yy=0nExampleofNPVYearProjectDCashFlows0-4005-100815+20030+6,600
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