In what respect is PP not a complete answer as a means of assessing investment opportunities?

Consider the cash flows arising from three competing projects:

(Hint: Again, the defect is not concerned with the ability of the manager to forecast future events. This is a problem, but it is a problem whatever approach we take.)

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Time Project 1 Project 2 Project 3 000 000 000 Immediately 1 year's time Cost of machine Operating profit before depreciation (200) (200) (200) 70 20 70 2 years' time 3 years' time 4 years' time Operating profit before depreciation Operating profit before depreciation Operating profit before depreciation 60 20 100 70 160 30 80 30 200 5 years' time 5 years' time Operating profit before depreciation Disposal proceeds 549 50 40 20 20 440 10 20 20