There was a lot of hardcore finance topics covered in this course. So the purpose of this final lesson is to recap the key points. Let's see if I can condense this into a few key takeaway messages and reinforce to you why this stuff matters to long term shareholder return on investment. capital budgeting is commonly an underappreciated, misapplied and underutilized tool of capital allocation. capital budgeting is based on forecasting economic cash flows of an opportunity over a justified forecast period using uncertain assumptions. The discount rate should represent your cost of capital, match your cash flows to the discount rate.

Cash Flows should be those available for both lenders and shareholders. The discount rate should include a return for both lenders and shareholders and both are always after tax, maintain a portfolio approach to capital budgeting and tie it to your strategic planning process. avoid the temptation to look at each capital expenditure as a one off by asking yourself the question, What else could we do with this money. And finally, measure uncertainty, embrace uncertainty, discuss uncertainty, and actively find ways to mitigate uncertainty to change the shape of those s curves. Thank you so much for joining me and taking this course. There was a lot of challenging finance topics covered, please feel free to post any questions you might have on the material and I'll try to answer them accordingly.

So that's it for now. And thank you. Until next time, I'm Blair.