Two common investment appraisal techniques used in corporate finance are the IRR, and the Payback method. They can be used together or individually to rank potential projects. Describe these appraisal...

Two common investment appraisal techniques used in corporate finance are the IRR, and the Payback method. They can be used together or individually to rank potential projects.

Describe these appraisal techniques, and critically discuss the advantages and disadvantages of each