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The IRR is the discount rate at which the net present value of the project is zero. If the project's net present value computed using the company's hurdle rate of 14% is negative, its IRR must be lower than 14%. Any project with a net present value of less than zero or an IRR of less than the hurdle rate is not an acceptable project.
The IRR is the discount rate at which the net present value of the project is zero. If the project's net present value computed using the company's hurdle rate of 14% is negative, its IRR must be lower than 14%. Any project with a net present value of less than zero or an IRR of less than the hurdle rate is not an acceptable project.
The payback period method of capital budgeting should not be used to confirm a net present value calculation for a project. The payback method can be helpful when the company needs to recoup its investment quickly, perhaps because the project is in a politically unstable area of the world or because it utilizes high technology that quickly becomes obsolete. However, its usefulness is limited because it does not incorporate the time value of money and it ignores the cost of capital and all cash flows beyond the payback point.
The purpose of the hurdle rate is to establish the minimum return the company expects from a project. The fact that a project is unacceptable when that hurdle rate is used to discount a project's future cash flows is not an indication that there is anything wrong with the hurdle rate used. It is more likely an indication that the project does not meet the company's requirements. Changing the company's requirements to make the project acceptable is generally not the proper course of action.