Many companies consider each capital deployment alternative in a vacuum – for example, considering share repurchases in isolation from discussions about investing in additional growth. Complicating this is the use of different measures and analytical approaches to assess the value impact of each decision. Often, capital structure and share repurchase decisions hinge on EPS accretion/dilution or the impact on the company’s weighted-average cost of capital. Organic investments are decided upon using IRR, payback or growth in sales and profits, while acquisitions are considered on net present value analysis, EPS accretion/dilution or more comprehensive ROIC impact. This basket of different analytical techniques is confusing for managers that lack formal financial training, it presents an obstacle to comparing alternative uses of cash and it breaks down accountability.