did I answer this question correctly and you help me find a reference: Capital Budget Processes in Criminal Justice 5. Explain the cost-benefit analysis process that should be followed when determining whether to fund a capital improvement or expenditure. The cost-benefit analysis process in determining whether to fund a capital improvement or expenditure involves several steps which includes. Identify the Costs: This includes all the expenses associated with the project, such as initial investment, maintenance costs, and any other related expenses. Identify the Benefits: Potential gains from the project, such as increased efficiency, reduced crime rates, or other benefits that align with the goals of the criminal justice system. Compare Costs and Benefits: Once all costs and benefits have been identified, they should be compared. If the benefits outweigh the costs, it may be a good idea to proceed with the project. Perform a Sensitivity Analysis: This involves changing the variables to see how they affect the outcome. This helps us to understand the risks involved and to make a more informed decision. o Explain how the time value of money concept should be applied to the capital budget process. The time value of money (TVM) is a financial concept that suggests money available now is worth more than the same amount in the future due to its potential earning capacity. This is the foundation of the concept of interest. In the capital budget process, TVM can be applied in the following ways: Discounted Cash Flow (DCF): This method uses future free cash flow projections and discounts them (using a desired rate of return) to arrive at a present value estimate, which is used to evaluate the potential for investment. Net Present Value (NPV): This is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting to analyze the profitability of a projected investment or project. In essence, applying the TVM concept to the capital budget process allows criminal justice administrators to make more informed decisions about where to allocate resources by considering the potential future benefits and costs of a project