Which budgeting technique has been used for over fifty years and has stand-alone packages or programs?

• A. Capital Improvement Program
• B. Capital Budgeting
• C. PPBS
• D. PM

Answer: (B)

Capital budgeting is the budgeting approach that centers on evaluating long‑term investments by treating each proposed project as its own stand‑alone package of costs and benefits. This stand‑alone mindset has been a hallmark of the technique for many decades, allowing planners to isolate the incremental cash flows and economic merit of a single investment—using metrics like net present value or internal rate of return to decide which projects to fund within the overall capital plan. The idea is to assess each investment independently rather than mixing its finances with other activities, which is why the description emphasizes stand-alone packages or programs.

Other options relate to planning horizons or organizational budgeting structure rather than the independent, project‑by‑project evaluation that characterizes capital budgeting.