Discuss which steps of the capital budgeting process you would find the most challenging

Discuss which steps of the capital budgeting process you would find the most challenging and state why. Discuss the pros and cons of applying different investment decision rules when faced with the choice of investing corporate funds. Provide at least two examples.  Suggest the most efficient capital structures for a manufacturing company and software development firm. Support the argument with examples. Must have in text citing and references.  Take a position on whether the manufacturing company or the software development firm will have a higher cost of capital. Provide support for your position.