How do capital-budgeting decisions help to define a firm’s strategic direction?

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Capital budgeting is a vital part of a firm’s decision making. Each approach will provide a piece of information to help analyze potential projects to make informed decisions.

Topic 1: Capital Budgeting

From a financial manager’s perspective, discuss the capital-budgeting process used to identify projects that add to the firm’s value. How do capital-budgeting decisions help to define a firm’s strategic direction?

It needs to be 300 words long needs references