Some observers of capital budgeting practices have cited examples of how capital budgeting techniques have not been properly utilized [Note: One of the First is found in Robert H. Hayes and David Garvin, “Managing As If Tomorrow Mattered”, Harvard Business Review, pp. 70–79]. That is, despite the evidence that more firms are using NPV, that does not mean that the right decisions about investment opportunities are being made. The examples cited have focused on the failure of capital budgeting techniques [...]