The process of identifying, evaluating, and selecting projects that require substantial amounts of resources and are expected to generate benefits for many years into the future is called:

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Capital budgeting is the process of identifying, evaluating, and selecting long-term investment projects. Strategy formulation refers to developing strategic plans to achieve organizational objectives, which may include capital budgeting decisions. Short-term planning and operational budgeting are more focused on managing day-to-day operations and allocating resources for shorter time periods.

The Process of Identifying, Evaluating, and Selecting Projects That Require