Davos plc is considering four possible investment projects for the current year but has only a limited amount to invest. As a result, it will not be able to undertake in full all of the projects available. All of the projects are divisible (that is, it is possible to undertake part of a project and to receive a pro rata return). Details of each project are as follows:

In what order should they be ranked if the business wishes to maximise the wealth of its shareholders?

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Project Alpha Beta Gamma Delta Investment outlay £m 40 45 60 70 Present value of net cash inflows £m 48 64 66 92