The capital budgeting process consists of four distinct but interrelated steps: proposal generation, review and analysis, decision making, and termination.

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The capital budgeting process typically consists of five steps: proposal generation, review and analysis, decision making, implementation, and follow-up. Termination is not a standard step in the process; instead, implementation and follow-up are crucial for executing and monitoring the investments.

The Capital Budgeting Process Consists of Four Distinct but Interrelated