The typical project appraisal methods are based on Discounted Cash Flow (DCF)-based measures like Net Present Value (NPV) and Internal Rate of Return (IRR). However, they exhibit weaknesses in dealing with uncertainty, complexity and flexibility. In today’s business environment, traditional...

In today’s business environment, traditional capital budgeting methods are no longer adequate to reflect the dynamic world of new economy. The typical project appraisal methods are based on Discounted Cash Flow (DCF)-based measures like Net Present Value (NPV) and Internal Rate of Return...