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Corporate Investment Decisions by Michael Pogue

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Chapter 3

The Appraisal Techniques

Once cash flows have been estimated, the projects are then subjected to project evaluation techniques to further assess their potential for achieving the financial objectives of the company. A wide range of techniques are available, broadly divided into two groups: those that make adjustments for the time value of money (the discounted cash flow [DCF] group) and those that do not include such an adjustment (the traditional group).

In this chapter, we shall assess the basic techniques available, identifying their respective strengths and weaknesses, and then evaluate some modifications made to these techniques to overcome the identified problems. Finally, we shall address available survey evidence to examine ...

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