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(i)Planning: The capital budgeting process begins with the identification of potential investment opportunities. The opportunity then enters the planning phase when the potential effect on the firm’s fortunes is assessed and the ability of the management of the firm to exploit the opportunity is determined. Opportunities having little merit are rejected and promising opportunities are advanced in the form of a proposal to enter the evaluation phase.(ii) Evaluation: This phase involves the determination of proposal and its investments, inflows and outflows. Investment appraisal techniques, ranging from the simple payback method and accounting rate of return to the more sophisticated discounted cash flow techniques, are used to appraise the proposals. The technique selected should be the one that enables the manager to make the best decision in the light of prevailing circumstances.(iii) Selection : Considering the returns and risks associated with the individual projects as well as the cost of capital to the organisation, the organisation will choose among projects so as to maximise shareholders’ wealth.(iv) Implementation : When the final selection has been made, the firm must acquire the necessary funds, purchase the assets, and begin the implementation of the project.(v) Control: The progress of the project is monitored with the aid of feedback reports. These reports will include capital expenditure progress reports, performance reports comparing actual performance against plans set and post completion audits.(vi) Review : When a project terminates, or even before, the organisation should review the entire project to explain its success or failure. This phase may have implication for firms planning and evaluation procedures. Further, the review may produce ideas for new proposals to be undertaken in the future.This answer is taken from India’s great teacher CA Aaditya Jain Sir’s book.He is faculty of ca final SFM, FSCM, FM……

A cruise to the Caribbean instead of a College Degree?There are many people who desire to get out of a bad position in life, but have no means to do so. I acknowledge that fact, and am always happy to do what I can to alleviate their situations, if at all possible. However, some people have opportunities to improve their lives, but aren’t willing to do what’s necessary, even if it involves very little sacrifice.Some people do not recognize the fact that serious “wanting” needs to entail resolute willing.” Let me illustrate with an experience from my career in college teaching. At the time of this episode our family’s financial situation was such that, if it was at all feasible, I would add a course as an adjunct professor at a neighboring college to my already full schedule.So, I was teaching a course on Saturday mornings at an extension location on behalf of a state university, about an hour’s drive from home. The class consisted for the most part of adult nursing students who needed a course in ethics to meet their degree requirements. Some of them knew each other from other courses they had taken together in the past.One of those students was Kate (not her real name). I learned over the weeks from some students that Kate had come from a bad background, that she was a single mom, and that she was resolved to improve herself and her situation so that her young son would have better opportunities than she had. A lot of people admired Kate for what she described as her unrelenting push toward a better life.Kate was late on the first day of class. I figured that, given her responsibilities, she must have been unavoidably detained. I would soon find out that Kate operated on a very loose time table.The university had a strict attendance policy. When a class meets only once a week, what would be three separate hours a week in a normal schedule, needs to be crammed into a single block of four hours, allowing for some time for two breaks. There were no free skips. I didn’t make much of a big deal out of this policy since students who did not come to class would not be able to do well on exams unless they made arrangements to get caught up. Regardless, all twenty-six or so students showed up for each class unless they had a genuine, serious excuse, which they would make sure I would know about.There was one exception: Kate. I don’t have any records at hand now, but I’m pretty sure that out of the first six or so class meetings, she was there for maybe four of them, and she did not provide an excuse for her absences. Theoretically, I could have decided right then and there that she wouldn’t get credit for the course, but, given the allegedly personal hardships she was said to live under … I was such a softy. I just wasn’t ready to drop the hatchet.Then, a little more than halfway through the semester, she took me aside during one of the break times. I was expecting some kind of request for help or an explanation for previous absences. I could hardly believe my ears when she asserted:“I’m not asking for permission; I’m just telling you. I will not be here for the next three weeks.”Kate had spoken. It would be as she said it would be. Her word was final.I gave her a blank look, the only kind I was capable of at the moment, waiting to hear about something horrible that must have happened to her or her son, or maybe some other obstacle that had fallen across her upward path to a better life. She went on:“I have a chance to go on a cruise to the Caribbean. I’ve never been there before, and I don’t know if I’ll ever have a chance again. So, I’m going, whether you’ll excuse it or not.”I’ve never been to any of the Caribbean islands, though I would really like to visit them. I’ve traveled a lot over my life, but most trips were directly connected to research and teaching. The idea of a two or three week Caribbean vacation was not even something I could fantasize about. And doing so during the semester? It was unthinkable to me; there is such a thing as responsibility and evaluating the consequences of one’s actions.What could I say? With other students in similar circumstances I would have had a lengthy conversation about their goals in life and how one should go about attaining them. Given the impersonal and almost regal manner of informing me what was going to happen, including the statement that my opinion would not make a difference either way, there wasn’t much that I could say to Kate except to wish her a nice trip.Having made it back to Indiana, she returned for the last few class sessions. I noticed that she reacted to me as though I had injured her in some way. I’m inferring that her guilt about wasting someone’s money on this course, which she was bound to fail, led her to project ill feelings on me.Needless to say, even disregarding any penalty for absences, she could not have passed. The best attendance policy is “final exam karma.” She just didn’t know the material and clearly didn’t even understand half the questions, which would have been easy if she had been in class.I need to add one more item to complete the story before I rush to my concluding reflections. At the time of the final exam, each of the students also needed to fill out a teacher-evaluation form, which consisted of two pages on which the students could record appraisals of my teaching by answering relevant questions. Were my presentations clear? Did I stimulate the students for further study? Were the exams fair? Was I accessible for answering specific concerns? And so forth. One of the students had volunteered to collect all of the forms in a large manila envelope, which she would take right to the office on the central campus, the idea being that I should not know what they thought about me before I had graded the exams and turned in their final marks.Later on, as I sat down to start reading and grading, I realized that Kate had not followed the instructions to give her evaluation form to the student with the envelope. She had dropped it off on my desk right underneath her exam paper. There was no practical way that I could have avoided seeing what she had said, and there really was not much point in making the effort to direct it to the correct office, as we were now at the beginning of Christmas vacation. That was probably just as well because this woman had given me the lowest possible rating on all items. I’m still at a total loss as to why she hated me so much, particularly given all of the allowances I had been willing to make for her.I can’t imagine that Kate changed the dramatic story of her difficult life in later conversations with other people. She probably continued to tell everyone about all of the obstacles she had to overcome, and how she was struggling towards higher goals for her and her son. I assume that, given her bizarre though processes, I wound up as one of her evil antagonists in her narrative.Kate wanted a better life. She wanted her son to grow up in better circumstances than her own. I’m sure that those were genuine desires on her part. She also knew what it would take to get there. But when it came to specific decisions her will took her in the opposite direction. A trip to the wonderful world of the Caribbeans wound up undoing one of the significant steps towards what she wanted. If I may twist a popular saying, “Where there’s a want, there’s not always a will.”As mentioned above, it was not a good time from the financial perspective in our household. As has been true for much of our married life, medical expenses were dragging us down. I was “moon lighting” by teaching this extra course for another school. We made sure that our sons had a good Christmas, but June and I postponed presents for each other until the next paycheck, and then with a twenty dollar limit. I don’t remember what I got June, but mine was the trilogy, Hitchhiker’s Guide to the Galaxy. We were working hard to get beyond that state (not that we had a great amount of success for quite a while, but it surely was not for a lack of trying). For many semesters, I would have a full teaching load at Taylor University, carry a leadership role on some committee, teach an adjunct course at another school, preach at a small country church, write books and articles, and spend good amounts of time with my wife and sons. To get back to the original version of the saying: “Where there’s a will there’s a way.” At least much of the time.Wanting something means very little if it is not tied to willing it, and willing something may involve hard work and sacrifice. To give a straight-forward answer to the question: In some cases people are stopped from having the life they want because they are not willing to do what it takes to get there.I’m sorry if that sounds insensitive or judgmental. I don’t think I’m either, but I have seen too many similar cases where the people want, but did not will, a better life.

Now, annual appraisal is coming in the next 1-2 months in most of the organizations. It might have already started in some organizations. As we are aware of, annual appraisal is a tool to evaluate employee performance and reskill/train them based on needs. In addition, promotion and increments are based on the ratings given as part of appraisal.I want to stress a point to managers and HR who are evaluating employees in the appraisal process. In the last one year, we talked with more than 300 people who were affected by terminations. I already mentioned the case of 2 people in my previous article. I want to bring to your notice for some more people with whom we have interacted:Keerthana (name changed) lost her job. Currently she is separated from her husband living with her 4th standard school going kid. She used to draw a salary of Rs 75, 000 when she was working in IT. She sold her flat that she purchased and cleared all her loan. She joined the school where her son is studying as a teacher earning Rs 15,000 per month. She is living with her parents, leading her life with 1/5th of her earlier salary.Raju (name changed) has a medically dependent child. Raju has to earn for his son medical treatments. He filed petition under section 2k of ID Act and trying hard to retain in his job.Prathibha (name changed) is 5 months pregnant. She was asked to resign, when she mentioned that she is 5 months pregnant. HR had said, “anyhow you need to take leave after 3 months. It is better if you can resign immediately”. She is fighting against this effort by HR to illegally terminate her service.Rakesh works in IT for just 3 years. He joined the leading IT company with a lot of dreams as direct college recruit. Now he is targeted by HR as a part of termination list. All employees so targeted are placed in bench indefinitely without giving any projectsRuba has 1 year experience. She joined a leading IT Company very recently. She is asked to relocate to Pune from her base location Chennai. When she refused, she was threatened by HR that if she did not relocate, she should submit resignation. Ruba submitted her resignation and looking for job now.Sundaram is having 2 year experience and he is waiting for his promotion. He requested a client with whom he is closely working for positive feedback to help his progress. This appreciation request is escalated by client. Sundaram is threatened that asking for appreciation is against company policy and a violation. He was asked to submit resignationAs I mentioned earlier, job loss can lead to extreme reactions such as of suicide as in the case of Durga Prasad. It has direct impact on kids in the family of the concerned employee, dependent old parents, medically dependent family members and in the employee’s life overall.‘I guess our Performance Appraisal system is a little bit ‘Old School’.’So senior managers and HR managers involved in the appraisal process should consider all these factors before using appraisal as a tool to terminate someone’s career. It is a matter of extra profit for the management but in the employee perspective it is their livelihood.You need to understand that employees are not resources as we are called in IT industry, but flesh and blood humans with dependent families. Extracting all the milk while they are working and sending them to slaughter in the end is not correct. So before taking this hard decision, put yourselves in affected employee shoes.Now, to fellow employees.Termination threat is painful but don’t react immediately/don’t panic and don’t lose your confidence when faced with such prospect. Please recall the start of your career and consider where you have reached now. If we could manage to reach here from our initial stage of our career, with experience gained, we can handle this crisis situation even better.In order to fight unfair and illegal terminations, build your legal knowledge and joining NDLF IT union.Generally, IT/ITES companies ask employees to leave :Based on ratings provided by appraisalBased on compliance issuesNo reason and simply asking employee to leaveWe will start from the last. Recently, some companies asked their employees to leave without citing any reason. In this case, as much as possible do not sign any documents. If the company provided any settlement by depositing severance packages in the bank account, write a mail back to HR team asking reasons for the deposit, and indicating conditional acceptance of the amount to be set off against future salaries/claims.Organization can terminate employee based on any breach which amounts to violation of company policy. The possible violations are employee absconded from work for a long time, malpractices in claims submitted even after repeated warnings, sexual harassment complaint, causing damages to company properties or reputation etc.Generally employees should be careful to adhere to all company policies and ensure zero violation in any of the compliance issues.There is also a possibility of some companies misusing these clauses to take action against targeted employees. For any such alleged violation, the company has to issue a warning letter to the employees, issue show cause notice, form a review committee, and take action based on the committee recommendation only.Finally, the most common case of companies targeting employee exit is based on the appraisal rating provided. Legally it is not correct for any company to retrench an employee based on appraisal rating. That is the main reason for all companies asking their employee to submit self-resignation.There are many complaints among IT employees about appraisal system and most common concern among IT employees are:Appraisal system is not fair, not transparent, not scientific.Employees are targeted based on company needs. Company fixes target of bottom 5 and bottom 10. There is a high possibility of companies targeting senior employees to reduce operations cost. Thus there is a planned effort to bring many senior employees under bottom category.Ratings are based on individual manager’s decision and there is a high chance that people who are not close to their bosses are affected with bad ratings.It is not possible to get rid of the appraisal system immediately as this method is followed across all IT companies for many years. So, even while fighting the system, it is better to be prepared to safeguard ourselves in the current appraisal process.collect and save all your contributions, your previous recognitions/rewards and your previous appraisal ratingsThere is a high chance that organization will hide all your previous appraisal ratings. So take atmost effort to collect and save all your contributions, your previous recognitions/rewards and your previous appraisal ratings personally. This will help you in future if you take up a legal fight.In all your communications regarding appraisal, keep not only the rating manager, but also include other managers with whom you worked.In recent times, companies are not giving time to employee and ask them to leave on the same day. As we need to surrender company laptops, all information will be lost and access to company website is not possible. So keeping these documents handy will help.All IT employees should keep in mind that their managers and HR officers are giving ratings only based on organization demands and having personal grudge on them is definitely wrong. It is very important to handle this situation in a professional manner and avoid any personal conflict during the whole process.Lastly, a word to senior employees.senior employees with team members reporting to them should highlight your technical skill contribution while filling the appraisal (photo for illustration purposes only)There are conflicting interpretation of IT employees rights under law in different states. In states like Tamil Nadu it is made clear and established that Industrial Disputes Act is applicable. In Karnataka, Shops and Establishments Act is used. Employees combining together as a strong union will ensure that in all states all labour laws are applicable to IT/ITES employees.Moreover, even in states where Industrial Disputes Act is generally recognized as applicable to IT sector, some companies claim that senior employees do not come under workman category (under Industrial Disputes Act). Employees should be aware of this and safeguard ourselves.As per Industrial Disputes Act, any employee is termed as workman if he/she is skilled and uses technical knowledge in his work. So definitely all IT employees other than very senior management levels are categorized under workman.To understand the difference between workman and non-workman consider a Mason in construction work. If he just arranges workers to come and do the work he is not a termed as workman. But if he is part of construction work, supervising, guiding and correcting (skilled and technical) the work of labourers, or he/she himself/herself involved in partial construction activities, then they are workmen.In IT scenario, senior employees with team members reporting to them should highlight your technical skill contribution while filling the appraisal. List down the technical and skilled work which you did in the project.