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Excerpt from Improving the Informational Content of the Simple Capital Budgeting Model
Unlike the approach employed in the simple, one period breakmeven model, where the analysis is geared to zreveal the impact on profits of changes in the level of sales volume, the simple multi-period capital budgeting-investment analysis analogue relates changes in net present value to changes in the discount rate for a given cash flow pattern. Why it is that the volatility of ifima most important and volatile element cfi' the analysis, namely sales volume or, more generally, cash flow, is traditionally overlooked remains a mystery.
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