Engelhardt does not distinguish between independent projects and mutually exclusive projects.
The wooden bridge and the steel bridge are mutually exclusive projects.
This article identifies the problems in consistency of selecting mutually exclusive projects based on the NPV, while applying the BCR to project prioritization.
The NPV is recommended by Austroads (2005) and the Australian Transport Council (ATC 2006c) to be the most appropriate measure for selecting from mutually exclusive project options.
Payback cannot evaluate mutually exclusive projects because it doesn't consider the whole project period--would it be better to accept a project with a longer payback period that provides higher returns after that point than to accept a project with a shorter payback period but lower returns?
Table 2 considers two mutually exclusive projects with different cash flow profiles.
Whereas Cineaste may rationalize the controversy surrounding Lee's film by noting, "Malcolm X is not the sort of person Hollywood biopics normally celebrate" (Crowdus 4), Baldwin was not content to separate inclusion and transformation into mutually exclusive projects
When comparing among mutually exclusive projects
, the highest NPV wins
Deconstruction and reconstruction are not, as Matthews and Young (and Smart) seem to think, mutually exclusive projects
I am also accused of not distinguishing between independent projects and mutually exclusive projects
IRR has also been criticised because it doesn't always correctly evaluate mutually exclusive projects
or ensure the best allocation of resources when capital rationing occurs.