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In practice asset investments are determined by using capital budgeting techniques- Discuss. Word Count: 2457 Researches show that investment decisions which are made, no matter in large or small businesses are mostly dependant on Capital Budgeting techniques. According to Jones and Smith (1982), one of the first published works dealing with the use of present value calculations to assess nonfinancial investments was in 1887 by an American civil engineer concerned with the economics of railway construction (Jones and Smith, 1982). It is also seen that Fisher's (1907) seminal work called 'The Rate of Interest' was the first work in the American economic literature to discuss net present value as a criterion for appraisal of alternative investments (Fisher, 1907). Capital Budgeting, frankly speaking is "the process of generating, evaluating, selecting and following up on capital expenditures" (Study Finance, 2007), or in other words "the planning process used to determine a firm's long term...

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