Criteria	Advantage	Disadvantage
A	Easy to understand. Quick computation. May be best option for small-budget projects.	Does not account for all cash flows. Does not account for time value of money.
B	Accounts for all cash flows and provides same accept/reject decision as NPV for conventional cash flows on independent projects.	Cash flows may generate multiple results. Cannot be used to rank mutually exclusive projects. High results may not be best.
C	Accounts for all cash flows as well as the time value of money.	My require a tweak in order to make appropriate choices under budget constraints.
D	Accounts for all cash flows as well as the time value of money. Can be used under budget constraints.	In isolation may lead to improper ordering of projects.

Which is NPV?

Which is Payback?

Which is Internal Rate of Return (IRR)?

Which is Profitability Index (PI)?