Evaluate the net present value (NPV) of a potential investment project undertaken by a conglomerate, investing an initial outlay of $50,000. The project is expected to generate annual cash inflows of $20,000 for a period of 5 years, with a discount rate of 10% applied. Elaborate on the concept of NPV as a crucial financial metric for investment decision-making, discussing its strengths and limitations in assessing project profitability and value creation.