(a) What are the situations in which rate of return analysis would not be very useful? (b) Give the sequence of steps in a comprehensive capital budgeting process. (c) Why is it possible for the...

(a) What are the situations in which rate of return analysis would not be very useful?

(b) Give the sequence of steps in a comprehensive capital budgeting process.

(c) Why is it possible for the internal rate of return and present value methods to result in different ranking of investment proposals?

(d) Since pay back period does not really measure profitability at all, of what value is it in capital budgeting?