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In January 1993, the senior-management committee of this company must decide which major projects to fund for that year. The board of directors has arbitrarily set a limit of ECU80 million for the projects. Various managers, however, have proposed projects totaling ECU208 million. The tasks for the student are to evaluate the completed discounted-cash-flow analyses that the case presents, along with qualitative factors (mainly strategic considerations and company politics), and choose the projects to be approved. The main conceptual issue the case presents is capital rationing and its impact on corporate-investment behavior. Looking at many projects and the senior-management perspective, the case is a useful complement to other capital-budgeting cases that focus on single projects.