I don't see any reason to do this net present value stuff. The payback method works well

Question:

I don't see any reason to do this stuff. The payback method works well for me. It tells me how many years it takes to recoup the initial money I put in. As long as my is as good as anybody else's in the industry, I am okay." How would you respond to this argument?

Net Present Value
What is NPV? The net present value is an important tool for capital budgeting decision to assess that an investment in a project is worthwhile or not? The net present value of a project is calculated before taking up the investment decision at... Payback Period
Payback period method is a traditional method/ approach of capital budgeting. It is the simple and widely used quantitative method of Investment evaluation. Payback period is typically used to evaluate projects or investments before undergoing them,...