问答题 A firm can be seen as nothing more than a collection of projects．A firm must allocate cash to projects within its budgets．Therefore，the process of deciding which projects to undertake and which projects to pass up is called capital budgeting．Capital budgeting is at the heart of corporate decision－making． As far as finance is concerned，every project is a set of cash flows．Most pmjects require an upfront cash outflow (an investment or expense or cost) and ane followed by a series of later cash inllows (payoffs or revenues or returns)．It does not matter whether the cash flows come from garbage hauling or diamond sales．Cash is cash．However，it is important that all costs and benefits are included as cash values If you would have to spend more time or have more distaste to haul trash，you would have to translate this into an equivalent cash negative Similarly、if you want to do a project“for the fun of it，”you must translate this into a cash positive．The discipline of finance takes over after all positives and negatives(inflows and outflows)from the project“black boX”have been translated into their monetary cash value． To btain a project’s value today，you must compute the net present value(NPV)．NPV translates all future cash nows，both infows and outflows，into their equivalent present values today，and then adds them up to find the“net”：the“net present value” of the project．The Net Presen Value Capital Budgeting Rule states that a firm should accept projects with a positive NPV and reject projects with a negative NPV．