Explain why the capital budgeting process is important for the allocation of resources.

Consider the 2014 article by Batra and Verma assigned in this unit, “An Empirical Insight Into Different Stages of Capital Budgeting,” discuss the following:
• Describe the capital budgeting process.
• Explain how the capital budgeting process is used in organizations.
• Describe the types of projects that are subject to capital budgeting.
• Explain why the capital budgeting process is important for the allocation of resources.