For a typical capital investment project, the bulk of the investment-related cash outflow occurs:

Multiple Choice

• Evenly during all three stages: initiation, operation, and final disposal.
• Either during the initiation stage or the operation stage.
• During the initiation stage of the project (i.e., at time period 0).
• During the operation stage of the project (i.e., after time period 0).
• During neither the initiation stage nor the operation stage.