“Create or extend Web application” link is missing from “Application Management” in “Central Administrator”. I have seen this issue when I leave Central Administration open for a long period of time or I’ve opened Central Administrator from someplace other than the Start Menu.

Missing “Create or extend Web application” link missing after I left an IE session open for a long period of time. Close the web browser and open Central Administration from Start menu option.

When I reopened “Central Administrator” from the Start Menu the link is now there