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Topic: Capital budgeting

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	How States Budget for Capital
		In many States, however, significant amounts of capital expenditures, such as those for transportation (mainly highways) or special authorities (e.g., university systems, hospitals, or toll roads), or aid to localities, are not included in the State capital budget, or perhaps even in the State budget generally.
		In some cases the capital budget is a separate capital appropriations bill, in some cases it is several bills, and in others the capital projects are parts of appropriations bills that include operating expenditures.
		It should also be understood that capital budgets are not always enacted with the operating budget, and a capital budget is often for mutli-year projects, not just for spending for the next fiscal year.
	clinton4.nara.gov /pcscb/staf_states.html (2474 words)

	Capital Budgeting (Site not responding. Last check: 2007-10-09)
		It is the goal of the capital planning process that the levels of project commitment, annual cash disbursements, and annual bond financing required would be determined by the adopted capital plan.
		The Administration's capital budgets have contained the referenda recommended for the biennial period; the Governor is not recommending an off year referenda.
		In October of 1995, Governor Almond recomposed and renewed the Capital Development Committee with appointments of planning and policy experts legal, as well budget officials to develop a comprehensive capital development program that was consistent with the principles and practices of good financial management.
	www.budget.state.ri.us /98goals.htm (704 words)

	Personal Finance: Money 101: Glossary
		When a stock is sold for a profit, the capital gain is the difference between the net sales price of the securities and their net cost, or original basis.
		A long-term capital gain, which is achieved once an asset is held for at least 12 months, is taxed at a maximum rate of 20% (taxpayers in 28% tax bracket) and 10% (taxpayers in 15% tax bracket).
		Capitalization ratios can be interpreted only in the context of the stability of industry and company earnings and cash flow.
	money.cnn.com /services/glossary/c.html (9614 words)

	Capital Budgeting (Site not responding. Last check: 2007-10-09)
		The capital budget includes what are generally considered major capital projects, such as new construction, major reconstruction, remodeling, renovation, and so forth.
		The budget also reflects planning funds provided to agencies to analyze the need and cost of projects proposed in later years.
		The capital budget meets several of the criteria noted for sound practice and meets the goals of the administration concerning capital budgeting.
	www.budget.state.ri.us /98capproc.htm (196 words)

	Report of the President's Commission to Study Capital Budgeting
		For example, a capital budget was incorporated in the Taft-Radcliffe amendment to the Employment Act of 1945, which was passed by the Senate but rejected in the House.
		The capital budget was firmly rejected in 1967 by the President's Commission on Budget Concepts, as it was in previous studies by the American Institute of Certified Public Accountants and the U.S. Chamber of Commerce.
		The "budget process" of any organization is usefully understood as the combination of four important, separate functions: planning and analysis, which leads to budget recommendations; the making of budget decisions; accounting and reporting of the results; and evaluation of the outcomes of budget decisions and subsequent readjustment in programs, where appropriate.
	clinton2.nara.gov /pcscb/report.html (16714 words)

	Business Financing (Site not responding. Last check: 2007-10-09)
		Some of the capital you raise will likely be used to increase your working capital.
		Capital budgeting is the process of identifying and ranking which of these capital investments add the most value to your business.
		Your capital budgeting decisions are not unlike the personal budgeting decisions we make every day.
	partners.financenter.com /hilliard/learn/guides/smbizfinancing/sbbudgeting.fcs (681 words)

	Capital budgeting (Site not responding. Last check: 2007-10-09)
		Preparing and collating capital expenditure projections can often be a long and onerous task requiring the prepared input of many different people throughout the organisation.
		The Activa Capital budgeting module provides the means for users to input expenditure items in their own area of responsibility without any fuss.
		The capital budgeting module is specifically designed to be used with the Work in Progress module but can be used with the register only.
	www.activa.com.au /bud.htm (294 words)

	A Consistent Yield-Based Capital Budgeting Method
		This study develops a capital budgeting method, the Rate of Return on Invested Assets (RRIA), that corrects the inconsistencies of both the IRR and NPV, is based on the assumption of wealth maximization, therefore pedagogically sound, and appeals to the relevancy of a yield-based capital budgeting method valued by corporate management.
		Therefore, a consistent capital budgeting method must be robust when correctly ranking and selecting superior investments in varying investment environments, remain theoretically sound by maintaining the Fisherian assumption of wealth maximization, and be expressed as a yield-based measure as preferred by corporate management.
		In addition, this study has made a significant contribution to the research of capital budgeting methods by delineating several factors that are paramount to the development of a consistent yield-based method.
	www.studyfinance.com /jfsd/htmlfiles/v10n3/volkman.html (5832 words)

	Capital Budgeting
		A capital expenditure is an outlay of cash for a project that is expected to produce a cash inflow over a period of time exceeding one year.
		Because capital expenditures can be very large and have a significant impact on the financial performance of the firm, great importance is placed on project selection.
		In situations where this is not the case, there may be capital rationing and the capital budgeting process becomes more complex.
	www.netmba.com /finance/capital/budgeting (470 words)

	The Basics of Capital Budgeting Interactive Quiz
		Capital budgeting and security valuation use many of the same general concepts.
		The _____________ is the cost of capital at which the NPV profiles of two projects cross and, thus, at which the projects’ NPVs are equal.
		Capital _____________ is the term that means the size of the capital budget is constrained.
	quizit.swcollege.com /quizit/z_quiz.jsp?quiz_id=484 (283 words)

	Testimony on Capital Budgeting
		Critics of the federal budget's up-front treatment of capital spending claim that current practice is biased against long-lived assets and that, as a consequence, the U.S. government is underinvesting.
		In fact, the costs of acquiring and holding capital are reflected in the operating costs of the using entity only in the unusual case in which the asset is purchased by the program agency with funds borrowed from the Treasury.
		Indeed, budgeting can be improved not by moving away from full-cost recognition but by improving cost measurement throughout the budget so that information is available to support decisions at the program level as well as in the budget aggregates.
	www.cbo.gov /showdoc.cfm?index=440&sequence=0 (2733 words)

	Capital Budgeting (Site not responding. Last check: 2007-10-09)
		Following an overview of Financial Management a detailed analysis of capital budgeting takes place: Definition, types and significance of investment, future value, present value, time value of money concept, net cash flow estimation, and methods for appraising investment proposals (average rate of return, pay back, net present value, profitability index, and internal rate of return).
		Furthermore, the cost of capital of the firm and its capital structure are analysed.
		Finally, emphasis is placed on the financial life cycle of the firm and its contribution to the explanation of the growth and capital structure strategies adopted by a firm.
	www.ode.unipi.gr /en/programme/page_0_34.htm (98 words)

	PANGLOSSIAN CAPITAL BUDGETING THEORY IN A COMPLEX ADAPTIVE WORLD
		Capital budgeting theory (as an extension of financial economics) is characterized as Panglossian because of its suggestion that market economic activities (including capital investing decisions) will produce a sit of outcomes in which firms maximize profits while producing goods and services at the lowest possible costs and investors/consumers optimize return on investment and maximize utility.
		With respect to the practical applications of capital budgeting, Arthur’s theory implies that future cash flows associated with high tech investments may not be susceptible to meaningful estimation.
		Thus, the "bottom line" of Ball and Brown’s capital budgeting story is that "the firm accepts the utility functions of investors, and by translating these into the investment decision it maximizes their utilities" (Ball and Brown, 1969, p.
	les.man.ac.uk /ipa97/papers/mouck44.html (7011 words)

	Grace Commission on Capital Budgeting
		Its report asked: "How can the planning and budgeting for capital expenditures and assets be improved?" For the purposes of this issue, capital expenditures were defined as long-term financial investments in assets representing large commitments of resources that commonly include land, buildings, facilities, equipment, and vehicles.
		However, to improve planning and budgeting for capital assets, a work team sponsored by OMB and GAO with extensive representation from Federal agencies developed a Capital Programming Guide that was published last year.
		The report said that it did not recommend separate operating and capital budgets to portray a lower operating deficit, or capital budgeting models that recorded depreciation or bond amortization in an operating budget.
	clinton4.nara.gov /pcscb/staf_grace.html (471 words)

	The Capital Budgeting Decision
		Often, in the introductory finance course, the problem of capital budgeting is introduced at its most rudimentary level in the form of the Net Present Value (NPV) analysis.
		This course intends to introduce the student to capital budgeting in a more realistic setting with the use of case studies.
		We intend to cover the various applications of capital budgeting in the form of unequal life spans, capital rationing, inflationary environment, buy or lease, and alternative approaches of handling uncertainty among others.
	www.siue.edu /~rbharat/syllabi/543syllabus.html (481 words)

	Capital Budgeting (Site not responding. Last check: 2007-10-09)
		Capital budgeting can help you plan and control long-term activities to make the best use of your resources.
		This course outlines the techniques of capital investment appraisal and explains the importance of incorporating risk into the capital investment decision.
		To give the learner an understanding of the reasons for and uses of capital budgeting.
	www.aimlearninggroup.com /aim/lcl_online_intel_IXUS023.html (129 words)

	FNCE 755 Capital Budgeting
		For the first 5 minutes of every class, one student will be selected to discuss a current news event of his or her choice and explain how it relates to capital budgeting.
		Term project: Students will work in teams or up to 4 students (2 or 3 is the most common group size) and analyze a current capital budgeting project (of their choice), or determine the value of a capital asset.
		The Antle-Eppen paper "Capital Rationing and Organizational Slack in Capital Budgeting", Management Science February 1985 is optional reading.
	www.ucalgary.ca /~sick/FNCE755 (1829 words)

	Finance Topic: Capital Budgeting
		This basic introduction to capital budgeting is written for the small business owner.
		Brief summaries of each of the most common capital budgeting techniques (payback period, net present value, internal rate of return, accounting rate of return and discounted payback), with a small-business perspective on the "inherent problems in each of these alternatives."
		Using the campus decision to decide whether to fund a new dorm or upgrade a computer lab, the authors review capital budgeting, including how to evaluate a capital budgeting proposal, determining fixed and variable costs and defining the quantitative and qualitative benefits from a project.
	www.swlearning.com /finance/students/capital_bgt.htm (844 words)

	CAPITAL BUDGETING/CORPORATE INVESTMENT DECISIONS (FIN628)
		To discuss modern approaches in analyzing investment decisions with emphasis on the use of the real-options approach in capital budgeting.
		More specifically, the course covers traditional techniques in capital budgeting, ranking conflicts when projects are mutually exclusive, management incentives in investments, and strategic planning in capital investments.
		To complete the assignment, class participants are expected to use spreadsheet analysis and develop cost of capital calculations based on internet-based data http://valuation.ibbotson.com.
	www.pages.drexel.edu /faculty/tsetseg/Syllabus.html (570 words)

	AUTHOR INDEX OF REVIEWED CAPITAL BUDGETING ARTICLES
		Most popular capital budgeting technique was payback (74% mentioned).
		this sample that the level of sophistication in capital budgeting methods is positively related to the
		budgeting decision-making process as the gap between the prescribed and the actual continues to
	faculty.fuqua.duke.edu /~charvey/Research/GHSurvey/capital_budgeting.htm (1274 words)

	Capital Budgeting (Site not responding. Last check: 2007-10-09)
		The course begins by explaining what a capital budget is and identifying different types of Fixed Assets.
		The target audience is any manager, department managers, project managers, business managers, office managers, or any one with budget preparation responsibility.
		recognize the importance of using capital budgeting tools to decide whether to acquire a fixed asset.
	content1.skillsoft.com /content/cm/FIN0263000000/summary.htm (405 words)

	Amazon.com: Capital Budgeting and Long-Term Financing Decisions: Books: Neil Seitz,Mitch Ellison (Site not responding. Last check: 2007-10-09)
		The text is appropriate for capital budgeting classes in finance departments and engineering economy courses found in civil and industrial engineering departments.
		His primary areas of academic interest are capital investment choice and the management of risk, such as foreign exchange risk, credit risk, and interest rate risk.
		It's almost unconceivable to organize a course in capital budgeting without discussing real options, so the book has to be complemented, while several chapters could be eliminated.
	www.amazon.com /exec/obidos/tg/detail/-/0030237890?v=glance (1126 words)

	Questica - Software Solutions for Public Sector Budgeting and Custom Manufacturers
		Web-based forecasting and capital budgeting solution designed exclusively for the public sector.
		The city of Brampton, wanting to purchase a solution to automate their capital budgeting process, has selected Questica's Capital Team Budget (formerly Capital Forecasting and Budgeting) to provide real-time budgeting and improved reporting, in a secure web based environment.
		Operating TeamBudget has many features that will improve and eliminate the frequent budgeting process errors that are common when spreadsheets are passed between several individuals and multiple departments.
	www.questica.com (401 words)

	Amazon.com: Capital Budgeting : Financial Appraisal of Investment Projects: Books (Site not responding. Last check: 2007-10-09)
		Capital Budgeting and Investment Analysis by Alan C. Shapiro
		Capital Budgeting Decision, The: Economic Analysis of Investment Projects by Harold Bierman
		Resource constraints are introduced to the capital budgeting decisions with a variety of worked examples using linear programming techniques.
	www.amazon.com /exec/obidos/tg/detail/-/0521520983?v=glance (816 words)

	SkillSoft Course Catalog Capital Budgeting (Site not responding. Last check: 2007-10-09)
		Only by giving your staff members effective feedback will you be able to encourage significant improvements in their performance.
		With the help of examples the course shows learners how to use these ratios.
		identify the relationships between components of a capital budget.
	www1.skillsoft.com /products/product_overviews/course_catalog/course_descriptions/FIN0203A2.htm (451 words)

	EconPapers: Capital Budgeting in Arbitrage-Free Markets
		Abstract: In capital budgeting problems future cash flows are discounted using the expected one period returns of the investment.
		Our goal is to uncover implicit assumptions on the set of cash flow distributions that are suitable for the capital budgeting method.
		As results we obtain that the set of admissible cash flow distributions is large in the sense that no particular structure of the evolution of the distributions is implied.
	econpapers.repec.org /paper/handpaper/dp-258.htm (260 words)

	Budgeting Budgeting Capital Process (Site not responding. Last check: 2007-10-09)
		Managing Money.com is a site dedicated to providing free information and opportunities for the reduction and elimination of debt, budgeting, wealth creation and much, much, more.
		Capital The "investment" in a company for the purpose of conducting business, composed of a mix of debts, preferred and common stock, and retained earnings.
		...Achieve stakeholder buy-in to the overall budgeting process,· Achieve stakeholder buy.....In some cases, the process for evaluating capital acquisition..alternatives is linked.....a...
	www.budgetinghome.com /directory/budgeting-capital-process.html (251 words)

	CapitalBudgetAnsw
		This is a comprehensive example, that shows you all the steps and issued involved.
		For each capital budgeting problem, the goal is to get to the Cash Flow from Assets, or, in the case of project evaluation, the Cash Flows from the Project.
		This is done by looking at all relevant and incremental cash flows, on an after-tax basis, that are directly associated with the project.
	www.pitt.edu /~schlinge/fall01-MBA/CapitalBudgetAnsw.htm (417 words)

	The Basics of Capital Budgeting
		You could harvest the timber next year for an expected cash flow of $1.28 million, or you could delay logging for 10 years when the larger trees would produce cash flows of $4,046,000.
		NPV assumes cash flows are reinvested at the project's cost of capital.
		The best method consistently leads to correct capital budgeting decisions.
	finance.ewu.edu /finc335/LECTURE/npvetal.htm (738 words)

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