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Investment Appraisal - rational calculation or psychological crutch The only way to tell if a decision was worthwhile is with the benefit of hindsight. However in business, although there are some instances where one can rely on another's experience, there are many in which there exists no useful precedence to the case. This is where capital investment decisions are critically important to the future running of a business. A bad choice of investment can damage a company's financial performance over the coming years, whereas a good decision can guarantee profits for a given period. Looking at the work of Dewing, a contributor to corporate finance writing until the late 1950's; one can see that there are some valid arguments for the lack of a rational calculation in capital expenditure. Dewing claims that there are 4 main motives as to why business enterprises seek to expand. The desire by the...

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