accounting rate of return, and modified internal rate of return reflect chi-squared significance at the 1% level, while the proportion distributions for payback are chi-squared significant at the 5% level. the only model that is not chi-squared significant when subdivided by the size of the capital budget is discounted payback. payback and profitability index are more frequently used by firms with smaller capital budgets, while modified internal rate of return appears to be used more frequently by firms with capital budgets in the range of $100-$500 million.