Abstract
The work which has been done on analytic approaches to the evaluation of the risk in major capital investment opportunities suggests the following hypotheses: (a) The distributions of NPV and IRR which are output from risk evaluation models are often approximately normal. (b) The only important features of the distributions of the variables which are input to risk evaluation models are their means and standard deviations. The research which is described in this paper tests these hypotheses using five risk simulation case studies.
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