The Investment Decision Process

  • Richard J. Briston
  • Jack Liversidge


There is considerable conformity of opinion in the leading introductory texts on investment appraisal as to the definition of an investment decision. For example, the following definitions are given in three of the major texts:

An investment decision is essentially a largely irreversible commitment of resources made in the expectation of securing generally uncertain future gains. (Merrett and Sykes (M3) intro, vii)

Commitments of resources, made in the hope of realising benefits that are expected to occur over a reasonably long future period of time. (Bierman and Smidt (B2) pp. 4–5)

A capital expenditure project may be defined as any project which involves the outlay of cash in return for an anticipated flow of future benefits. (Quirin (Q1) p. 1)


Investment Decision Practical Approach Investment Opportunity Coalition Structure Behavioural Theory 


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Copyright information

© Richard J. Briston and Jack Liversidge 1979

Authors and Affiliations

  • Richard J. Briston
    • 1
  • Jack Liversidge
    • 2
  1. 1.University of StrathclydeUK
  2. 2.Leeds PolytechnicUK

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