The IRR can lead to incorrect project rankings because projects with much higher NPVS may also have longer project lives
A particular project could have a very high IRR and only last one year. Therefore, a project with a slightly lower IRR that lasts several years may be preferred over the higher IRR. The NPV will correctly rank these projects if you rank them from the highest NPV to the lowest NPV.
A project is any undertaking undertaken individually or jointly, which may involve research or design, and is carefully planned to achieve a specified goal.
Another way of looking at project management is to view a project management as a series of events, or "a series of related tasks to be performed over a specified period of time and within specified costs and other constraints."
A project is a temporary (rather than permanent) social system (work system) arranged by a team (within or between organizations) to accomplish a specific task under time constraints. There are cases.
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