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This book describes an integrated capital appraisal procedure that is commanding increasing attention in the academic world, industry, commerce and the professions. Formal techniques are widely used for the analysis of capital projects but are limited by their scope and by the difficulty in interpreting the significance of the results they produce. The FAP model overcomes these difficulties by creating an integrated process for the appraisal of the financial and strategic benefits of new project proposals and for the assessment of risk.