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New research looks beyond the application of financial appraisal techniques to examine the efficacy of other elements of the process.
The adoption of the discounted cash flow (DCF) approach for evaluating capital investment projects has been one of the major advancements in management accounting in the past 75 years. Much of the credit for its emerging popularity since the 1950s has been given to Joel Dean, whose 1954 Harvard Business Review article first stimulated application of the technique in preference to the commonly applied return on investment (ROI) method developed in the early 1900s by DuPont Corp.
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