I sometimes wonder which cashflows to include in project analysis questions. What is the cashflow from project XYZ in year 1? Do you include the initial outlay or not? Of course, sometimes it’s stated that the purchase of the machine was on the 31.Dec the year before, so you won’t include the initial outlay. What about the case if there is no further indication given? What about the cash flow in the last year? Disposal of machinery is included, right? Thanks