The five steps of investment appraisal within the framework of a capital budget and strategic planning are:

1. Generating investment proposals: Identify potential investment opportunities in line with the company’s strategic objectives.
2. Estimating cash flows: Forecast the relevant cash inflows and outflows associated with each investment proposal.
3. Evaluating proposals: Assess the financial viability of each proposal using techniques such as Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period.
4. Implementing the project: Once a proposal is accepted, allocate the necessary resources and begin execution.
5. Monitoring and review: Regularly monitor the performance of the investment to ensure it aligns with initial expectations and make adjustments if necessary.