Even with sophisticated energy-management practices, good information and appropriate incentives, time-constrained managers typically focus only on large projects, overlooking more modest industrial energy-efficiency options. Empirical studies find that investment analysis is frequently conducted late in decision-making and often to validate decisions already made. What determines whether an investment goes ahead is its contribution to the firm’s objectives - including how much it would contribute to competitive advantage (Sorrell, Mallett and Nye 2011). A review of the use of formal capital budgeting tools for investment decision-making found that even when financial calculations were properly undertaken, they were not fully used (Cooremans 2009).