Cash outflows from investments can occur at three points: (1) project initiation —to acquire
the investment and begin operations, to provide needed net working capital for the project,
and to dispose of any replaced or discarded assets; (2) project operation —to cover operating
expenditures, any additional investments, and additional net working capital; and (3) project
disposal — to dispose of the investment, to restore facilities, and to provide training or relocation
benefits for personnel whose positions have been terminated.