Net Present Value (NPV): Unlike the payback period, NPV accounts for the time value of money by discounting future cash flows. It provides a more accurate measure of an investment's profitability. Internal Rate of Return (IRR): IRR also considers the time value of money and provides the rate of return at which the NPV of an investment is zero. It’s more complex but gives a better overall picture of profitability. Return on Investment (ROI): ROI measures the gain or loss generated by an investment relative to its cost, offering a straightforward way to compare the efficiency of different investments.