An advantage in a previous response to the below was risk can be identified during the payback period approach of captial budgeting. My questions is what types of risks?

According to this assignment question, an advantage was noted that risk can be identified, what types of risks.

• Describe the payback period approach to capital budgeting.
  • Explain 1 advantage and 1 disadvantage of the technique.
• Explain why it would be wise for a financial manager to learn more advanced capital budgeting techniques.