ABSTRACT This study reports the results of a survey of project evaluation techniques used in capital budgeting. Using the Friedman Two-Way ANOVA, this study compares four types of evaluation techniques over three types of investments. Not only does the study confirm the increasing popularity of discounted cash flow techniques as suggested by previous surveys, it also finds a wide use of non-financial techniques in evaluating competing projects. Furthermore, using the Friedman ANOVA and the Mann-Whitney U test, this study examines the impact of investment types and firm characteristics and provides explanations for practical variations in the use of capital budgeting techniques.