The discounted cash-flow analysis focuses primarily on the timing of cash flows.
Timing and Cash Flow
Timing is when you get your money compared to when you lose it. And it's just as important as how much money you have each month. Mortgage payments are a good example. Most likely, the mortgage will be debited from your account on the 12th of the month.
Suppose a project pays for itself during the life of the project. Increasing the size of the initial cash inflow shortens the payback period, all else being held constant.
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