The relevant cash flows developed in chapter 8 must be analyzed to assess whether a project is acceptable or to rank project. A number of techniques are available for performing such analyses. The preferred approaches integrate time value procedures (chapter 5), risk and return consideration (Chapter 6), and valuation concepts (Chapter 7) to select capital expenditures that are consistent with the firm’s goal of maximizing owners’ wealth. This and the following section focus on the use of techniques to evaluate capital expenditure proposals for decision-making purposes.