Identify the true statements about both net present value $($NPV$)$ and internal rate of return $($IRR$)$ techniques with reference to a firm's project.

Multiple select question.

They explicitly take into consideration the timing of investment and cash flows, and the time value of money and risk.

They are calculated by subtracting discounted cash inflows from discounted cash outflows.

They accurately capture the strategic importance of the investment decision but discriminate heavily against short$-$term projects.

They offer concrete financial estimates that facilitate trade$-$off decisions and strategic planning.