Should the anticipated internal rate of return (IRR) for a proposed foreign project be compared to (1)

Question:

Should the anticipated (IRR) for a proposed foreign project be compared to (1) alternative home country proposals, (2) returns earned by local companies in the same industry and/or risk class, or (3) both? Justify your answer.
Internal Rate of Return
Internal Rate of Return of IRR is a capital budgeting tool that is used to assess the viability of an investment opportunity. IRR is the true rate of return that a project is capable of generating. It is a metric that tells you about the investment...