In Capital Budgeting, however, Dean recommended using DCF analysis only when cash flows are uneven and the required earnings rate is high; otherwise, Dean felt that the average rate of return method was satisfactory for evaluating most capital projects, so he did not even include present value tables in his book.
The diffusion of discounted cash flow concepts by business school academics in the 1950s was aided by the publication of extensive present value tables calculated by electronic computers.
(60)Charles Christenson, "Construction of Present Value Tables for Use in Evaluating Capital Investment Opportunities," Accounting Review 30 (Oct.
Written as a guide for practicing engineers, the book devoted only four pages, including a present value table, to the discussion of capital expenditure analysis.