Seriously evaluate the advantages and limitations of each different investment appraisal technique including payback period, Return on capital employed $($ROCE$),$ Net present value $-$ NPV$,$ Internal Rate of returns $-$ IRR, Profitability index.

In this section, students must demonstrate understanding, knowledge and the ability to critically evaluate different theoretical perspectives related to different capital appraisal methods. The answer should attempt to incorporate a critical perspective through relevant academic references, rather than over$-$describing different models.