I agree that the ROI of the investment is more important than the idea that someone should be punished for passing on a cheaper acquisition - that doesn't take

I agree that the ROI of the investment is more important than the idea that someone should be punished for passing on a cheaper acquisition - that doesn't take into account the higher risk of the $20m purchase. That being said, I'm not so sure companies really hold people accountable for even ROI and forecasts. For example, I know of a company which made a $200m acquisition, ran the product into the ground, and then paid even more for a second acquisition in the same space. Sure, a few middle/lower managers were moved to less influential positions, but the people with the overall responsibility got promotions.