The advantages of NPV are all of the following EXCEPT:

a. it allows the comparison of benefits and costs in a logical manner through the use of time value of money principles.

b. it provides the amount by which positive NPV projects will increase the value of the firm.

c. it recognizes the timing of the benefits resulting from the project.

d. it can be used as a rough screening device to eliminate those projects whose returns do not materialize until later years.