The article offers evidence that a sophisticated capital budgeting method was in place in the year 1915. The article "Jigs and Fixtures in the Small Shop," by John H. Van Deventer, published in the May 1915 issue of "American Machinist," is cited as evidence. The author discusses Van Deventer's method of allocating limited capital resources among numerous uses. Van Deventer considered the value of funds needed to secure investments, focusing on the cost records necessary for firms to produce their own jigs and fixtures to allow for accurate estimates.
