# 3.8 Investment Appraisal

| Assessment Objectives                                                          |          |
| ------------------------------------------------------------------------------ | -------- |
| Investment opportunities using payback period and average rate of return (ARR) | AO3, AO4 |
| Investment opportunities using net present value (NPV)                         | AO3, AO4 |

* [Finance](https://businesscasestudies.co.uk/product-category/finance/#axzz2wEjmTvXB) – a concise summary of the payback period and the average rate of return.
* [Payback Period in Capital Budgeting](https://www.thebalancesmb.com/payback-period-in-capital-budgeting-392916)
* [Investment Appraisal](https://www.s-cool.co.uk/a-level/business-studies/budgeting-costing-and-investment/revise-it/investment-appraisal) – explanation of the payback period, the average rate of return, and net present value explained.
* [Payback Explained](https://www.youtube.com/watch?v=oteEsh025pE) – a video explaining the payback period in 12 minutes.
* [Average Rate of Return (ARR) Explained](https://www.youtube.com/watch?v=cNC6K-L8fws) – a video explaining ARR in less than 10 minutes.
* [Payback Period](https://xplaind.com/849768/payback-period) – the payback period is explained and gives a more formulaic approach to payback period.
