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DEFINITION of 'Capital Budgeting'. The process in which a business determines whether projects such as building a new plant or investing in a long-term venture are worth pursuing. Oftentimes, a prospective project's lifetime cash inflows and outflows are assessed in order to determine whether the returns generated meet a sufficient target benchmark.
The concept behind strategic budgeting is that spending is purposeful, and that's why tying spending to a strategic plan's objectives makes sense. If an organization revises its long-term plan, it can adjust its budget document for the next year accordingly.erformance Monitoring. Another advantage of the strategic budget comes later, in the implementation phase of the budget. Called budgetary control or performance monitoring, this is the phase in which the organization considers how each program area spends compared with its budget allocation.