Every need, desire, ambition, aspiration costs money for fulfillment. Money interfaces all human activities. Collective needs turn into social/business organizations thus requiring investment of funds on a larger scale. Management of large sums of money calls for a disciplinary approach, which employs the techniques of appraisal process. These techniques offer economic decision analysis for prudent employment of funds in a given time frame. Investment of finances with a purpose of profitable return implies receipt and disbursement of capital in a business environment. In other words, money management is characterized by cash flows. Cash flows occur at different intervals of time and in varying magnitudes in a business. They are recorded with respect to time. This book focuses on the basics of financial evaluation of investment proposals. It covers the application techniques for appraising the investment alternatives with illustrations from current business situations of fund utilization. In this process, certain criteria factors serve as the decision parameters in the process of selecting a particular investment proposal. These parameters act as financial indicators for determining the merit ranking of proposals. Some of them are cost/benefit ratio, rate of return, economic asset life, payback period and borrowing effects on after tax cash flow, break-even analysis etc. This title makes an attempt for a comprehensive coverage with case illustrations. Case studies on some product manufacturing operations resulting into cash streams have been added. Hope this material serves the intended purpose of learning the essentials of cash flows. Today, self-sufficiency or efficient working of a business is not enough for sustainability, unless one is competitive enough compared to the rival. This concept drives the business to be strategic and not be a follower of best practices alone. It requires a vision of future growth opportunities, identification of core competency, managing a technological leadership, empowering a team approach for operating the business. At the root of all these activities lies the financial performance of the unit. The subject title contributes substantially.