The document discusses Stryker's capital expenditure request (CER) process and capital budgeting. It was implemented to standardize investment requests and decisions to support growth targets. The CER process is heavily influenced by corporate finance theory, requiring metrics like NPV, IRR, and cash flows. It also considers industry trends of medical device growth and Stryker's history of 20% annual growth. While the CER process provides control and rigorous analysis, it also decreased employee ownership and increased approval times. The document recommends establishing regular committee meetings, a streamlined CER for smaller projects, incentives for successful employee proposals, and a bigger employee role in presenting proposals.