Which ONE of the following statements is NOT true? a. Hard capital rationing arises when the restriction on available funds is imposed by forces external to the organisation. b. Soft capital rationing arises when the restriction on available funds is imposed by the internal management of the organisation. c. In a situation of capital rationing, if projects are divisible then ranking projects in terms of absolute NPVs will ensure the maximum NPV is achieved. d. When investment capital is scarce, organisations should find the combination of projects that maximises net present value without exceeding the capital available. Jump to... Jump to...