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Investment appraisal
Assessing the viability of medium/long term projects
Crucial for differentiating between competing project
Advantages of payback
Simple, understandable, relatively quick, cautious especially where capital is rationed
Disadv of payback
Time value of money is not considered
Does not measure profitability
Short term
Accounting rate of return
A ratio of profit to the cost of a project so based on accounting conventions
Adv of ARR
Simple, quick, generates a percentage return over the life of a project
Disadv. Of ARR
Time value of money not considered, based on profit, cannot distinguish b/w projects w same ARR