There are many method for appraising capital projects.

The time value of money should be the same for all similar competing projects.

Decisions should only consider the financial implications of the project.

No one method of capital appraisal taken alone is adequate to evaluate competing projects.

Net Present Value evaluation considers a range of different discount rates considering different risk factors and finance methods.

Opportunity cost is only relevant when capital is scarce.

All projects should be evaluated using sensitivity analysis.