Identify relevant cash flows that should and should not be included in a capital budgeting analysis. How do you estimate a projects relevant cash flows and put them into a time line format that can be used to calculate a projects NPV, IRR, and other capital budgeting metrics? Explain how risk is measured, and use this measure to adjust the firms WACC to account for differential project riskiness. How do you calculate calculate the NPV of mutually exclusive projects?