Cathy Casher had been invited to join Earl and Frank in the effort to revise the company's policy and procedure for capital commitments (appropriations) and expenditures. Jonathan had been influenced by Cathy's recently disclosed years of frustration doing what she considered to be meaningless capital project evaluations. The CFO felt that Cathy should be part of any revamping of the system for capital spending, since she had been so involved in it. Earl and Frank agreed, as did Jason.

With an agreement in principle having been reached on the EuroServ acquisition, and Frank now freed up , Earl scheduled a morning meeting to be held in the Corporate Finance conference room. Jason would facilitate the group's work effort. He would also be working with Jack and Jill on revisions to the internal financial reporting system.

"There is no rest for the weary", Earl exclaimed to Cathy as he filled his coffee mug. Frank and Jason were entering the conference room as Earl was speaking.

"I understand that you and Frank have been quite busy with the two recent acquisitions", Cathy responded. "And, Frank, I understand that you have now become a practical joker, pulling one over on Dave. Congratulations!"

"That's one for me, versus his many", Frank replied blushing slightly.

"How should we begin?" Earl then asked, looking at Jason.

"Let's start", Jason answered, "by outlining the major elements of a capital commitment and expenditure system." He walked over to the flip chart and wrote:

Capital...