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Calculating 'risk' and 'return' using (net present value) as a measure of 'return'...do you agree with this method as a means of determining the 'value'

Calculating 'risk' and 'return' using (net present value) as a measure of 'return'...do you agree with this method as a means of determining the 'value' of a given project/investment? Why

Risk' is measured by standard deviation and beta...'what' value might either/both of those measures have in evaluating 'risk' to a given investment/project?

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