Doug Scovanner, CFO of Target Corporation, is preparing for the capital expenditure committee (CEC) meeting. In this case, as a financial analyst you will prepare report for Doug Scovanner. Specifically, you will rank (evaluate) 5 possible projects and answer the following questions. Please present your results in a report format (max 2 page) and add your calculations to the end of your report as exhibits (max 3 page).[1] Start your report with a short (max 1 paragraph) executive summary. Executive summary should give a short background, state what you are trying to do (main problem) and your main findings. Total report should be maximum 5 pages and answer the following questions.

1. Describe and critique Target's capital-budgeting system. Give specific consideration to the role of the real-estate managers and the makeup of the CEC. I.e. what type of problems do you see in Target's CEC and real-estate manager systems?