Sound decision-making on capital allocation is key to value maximization and risk management in many industries, especially in the resource and manufacturing sectors where each investment bite tends to be big. Organizations need to set up fit-for-purpose processes for allocating growth capital, where all opportunities are treated consistently and fairly, providing discipline while maintaining adequate tolerance for risk-taking. A mature and robust decision-making process also requires nurturing a shared culture of trust and transparency in the development of investment opportunities. Good business case evaluation requires going well beyond NPV: the valuation needs to be unpacked, set in context with historical performance or benchmarks, stress-tested on the downside while also exploring upside potential, uncovering managerial optionality, and understanding holistically the risk profile. There is nothing revolutionary in this recipe for good decision-making, yet many organizations, large and medium-sized, fail to implement it with rigor and consistency.