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The option that accurately defines cash flow projections in capital budgeting is the anticipated future cash inflows and outflows resulting from an investment. This definition is integral to the capital budgeting process, as it focuses on estimating the cash that will be generated or used by a project. Understanding these projections allows management to evaluate the feasibility and financial impact of potential investments, ensuring informed decision-making.

By concentrating on expected future cash flow, the analysis can account for the timing and scale of cash movements, incorporating elements such as revenues, operating expenses, taxes, and capital expenditures. This information is critical for calculating important metrics like net present value (NPV) and internal rate of return (IRR), which drive investment decisions.

The other options, while relevant to financial analysis, do not directly address the concept of cash flow projections. Historical performance looks at past results rather than future estimates, the immediate return focuses on short-term gains rather than the entire projection period, and break-even analysis analyzes when total revenues equal total costs without necessarily providing a comprehensive view of future cash flows.