Market environment is characterised by turbulent changes affecting business operations. Under such conditions a manufacturing enterprise can survive if it invests in real assets, thus, competing with its own products ensures its survival on the market. Controlling is likely to spur success in business and contribute to a positive business orientation, which, in turn, will secure the opportunity to progress for the enterprise. Project controlling is crucial when it comes to basic planning stages and it provides the support for the management as to decision-making in long-term investments, i.e. in capital budgeting. Capital budgeting entails a series of well-thought decisions to be implemented in view of achieving the common goal. Each investment results from an investment idea relating to specific features of assets. An investment plan states the projection for business growth of an undertaking, justifying investment in development activities, and is awarded a final grade. Then, based on the grade, the management takes its ultimate decision whether to deploy the capital investment into a particular investment plan. The aim of this paper is to describe and analyse the basic features and tools in project controlling and capital budgeting, and to asses their impact and results on a practical example concerning business growth. From the analyses and evaluation of the practical model of the manufacturing enterprise set out in this paper, it is concluded that a more effective planning and evaluation of the draft project is possible by means of economic and financial criteria utilised in the assessment of the investment plan for business growth and risk analysis of capital budgeting.