The 'determine possible courses of action and consider the consequences of each' stage of the capital budgeting process consists of forecasting all potential net profit additions that are attributable to the alternative projects.

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This stage involves evaluating various project alternatives and their potential impacts on the company's financial health, including but not limited to net profit additions. It encompasses a broader analysis of costs, benefits, risks, and strategic fit beyond just forecasting net profits.

The 'Determine Possible Courses of Action and Consider the Consequences