=+The managing director has been on a one-day intensive course to learn about proj-

ect appraisal techniques. Unfortunately, during the one slot given over to NPV he had to leave the room to deal with a business crisis, and therefore does not under-

stand it. He vaguely understands IRR and insists that you use this to calculate which of the four projects should be proceeded with, if there are no limitations on the number which can be undertaken.