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Capital budgeting is a critical financial management process through which a firm evaluates and decides on long-term investment projects. The primary objective of capital budgeting is to ensure that the firm invests in projects that will maximize shareholder wealth. The process involves a systematic series of steps to assess the viability, profitability, and risks associated with investment opportunities. The first step in the capital budgeting process is the identification of investment opportunities. This involves recognizing potential projects or investment options that align with the company’s strategic objectives. These opportunities could range from acquiring new machinery, launching a new product, expanding operations, or investing in technology upgrades. At this stage, all feasible alternatives are considered without yet analyzing their financial merits. Once opportunities are identified, the next step is project screening or preliminary evaluation. Here, management evaluates each proposal ________ _______ __________ ________ ________ ___ __________ ______ _____ ________ _________ ___.
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