a. Major cashflow items to be included in a capital investment project:

1. Initial capital outlay: This is the cash expenditure required at the beginning of the project, usually spent on fixed assets.
2. Operating cash flows: These include cash inflows from sales and cash outflows for operating expenses like wages, utilities, and materials.
3. Terminal cash flows: These are the cash flows at the end of the project, such as salvage value or disposal of assets.
4. Incremental cash flows: These refer to the additional cash flows generated directly by the investment, which wouldn’t have been earned otherwise.

b. i. Payback Period Investment Appraisal Technique:
This technique calculates the time needed for the cash inflows generated by a project to recover the initial investment. It emphasizes liquidity by focusing on the period over which the project will generate enough cash inflows to cover the initial outlay. It does not take into account the time value of money or cash flows beyond the payback period.

ii. Advantages of Payback Period:

1. Simple to calculate and understand.
2. It is useful for projects where liquidity is important because it focuses on recovering the initial investment quickly.

Disadvantages of Payback Period:

1. It ignores cash flows that occur after the payback period, potentially overlooking the profitability of longer-term projects.
2. It does not consider the time value of money.