This document discusses various capital budgeting techniques for evaluating long-term investment projects. It begins by explaining the multi-year focus of capital budgeting and two dimensions of cost analysis: project and accounting period. The six stages of the capital budgeting process are then outlined. Discounted cash flow methods like net present value and internal rate of return are explained and compared. The payback period and accrual accounting rate of return methods are also presented. The document concludes by noting potential conflicts that can arise from using different techniques for capital budgeting decisions versus performance evaluation.