Economic evaluation is the process of systematic identification, measurement and valuation of the inputs and outcomes of two alternative activities, and the subsequent comparative analysis of these.
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Spreadsheet calculator of NPV which is the sum of the present value (PV) of the future individual cash flows (including in flows and out flows) minus initial investment.
NPV tells how much value an investment or project will bring in.
If NPV < 0, the investment should be rejected.
If NPV > 0, the investment may be accepted.
Using NPV to determine an investment is certainly not enough. IRR (Internal Rate of Return) will tell you other variable over project economics. The rate of return so should be used to compare different investments.
Spreadsheet calculator of IRR which is the discount rate that makes the NPV (net present value) equal to zero; IRR is also called effective interest rate, or rate of return. It is used to evaluate an investment or project. Typically the higher the IRR, there is more possibility to undertake the project.