=+A15-4 The following are some selected quotes from senior executives:

Qualitative issues m CEO, Worthington Industries (a high technology steel company): “We try tofind investment analysis , , . , , , r , . . , , ,AT the best technology, stay ahead of the competition, and serve the customer.... Well make any investment that will pay back quickly ... but ifit is something that we really see as a must down the road, payback is not going to be that important.”

Chairman ofAmgen Inc. (a biotech company): “You cannot really run the numbers, do net present value calculations, because the uncertainties are really gigantic.... You decide on a project you want to run, and then you run the numbers [as a reality check on your assumptions]. Success in a business like this is much more dependent on track¬

ing rather than on predicting, much more dependent on seeing results over time, tracking and adjusting and readjusting, much more dynamic, much moreflexible.”