Three college Finance discussion questions

1. What is the most critical step in the capital budgeting process? Why are there no “absolute” answers to capital budgeting decisions?

2. How does a firm assess a new capital project? How would models of project value such as NPV and IRR incorporate changes in economic outlook?

this is a e-class discussion assignment, need to use own words to answer the question, and around 100 words per question will be perfect. ;

By the way, happy Thanksgiving day!!!