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Investment evaluation techniques 1. Introduction According to Cistelecan, L. (2002) investment is an "expenditure made today so as to acquire a successful future, making gains in the future". Investment is an essential vital issue for companies, since it can ensure the expansion and the development of those companies, and with no companies can not live in the competitive markets. (Katalininc, B. 2009) There are two kinds of investment according to Virlics, A. (2013). These kinds are fix investment and monetary investments. Fix investments are tangible assets, such as buildings, machinery or even a plant. On the other hand, monetary investments are stocks and bonds. On another point of view and according to Götze, U., Northcott, D. & Schuster, P. (2008), investment can be categorized from the cause of the investment because the following: Foundational investment. Current investment. Replacement investment. Maintenance or repairmen. Supplementary investment. Expansion investment. Change investment (e.g. rationalization, diversification). Certainty investment. Making the right decision to invest or not isn't a simple process. Without a sound and clear image of the future of the opportunities, companies may go on bankruptcy. Another point, a lack of suitable information regarding the investment may lead to wrong decisions, and therefore a well-defined method of investment appraisal is required. The need for investment appraisal techniques in the process of decision making is justified by Katalinic, B. (2009) as the following: New opportunities for the developing and the improvement of the company could be given by a full analysis of the investment. Investment is connected with the reallocation of resources and cash, which produces a carefu...