Amaç: Bu çalışmanın amacı, yatırım projeleri değerlendirme yöntemlerinden paranın zaman değerini dikkate alan (dinamik) yöntemler olan net bugünkü değer yöntemi ve iç verim (karlılık) oranı yöntemi kullanılarak alternatif iki yatırım projesinden birinin tercih edilmesi durumunun incelenmesidir. Böyle bir seçimde net bugünkü değer ile iç karlılık oranı yöntemi farklı sonuçlar verebilmektedir. Bu durum uygulama üzerinden gösterilmiştir.Yöntem:  Bu çalışmada öncelikle temel kavramlar olan; yatırım kavramı ve yatırım (sermaye) bütçelemesi kavramları açıklanarak yatırım projeleri sınıflandırılmıştır. Ardından yatırım kararı alınmasında gerekli verilere yer verilerek, yatırım projesi değerlendirilmesinde kullanılan yöntemler paranın zaman değerini dikkate alıp - almamasına göre teorik olarak tanımlanmıştır. Yatırım projesi değerlendirme yöntemlerinden net bugünkü değer yöntemi ile iç verim (karlılık) oranı yöntemi detaylı olarak açıklanmış, bu iki yöntem teorik olarak karşılaştırılarak avantaj ve dezavantajlarına yer verilmiş ve ardından bir uygulama üzerinden karşılaştırılmıştır. Bulgular: Bu çalışmada yatırım projeleri değerlendirme yöntemleri kısaca açıklanarak, net bugünkü değer yöntemi ve iç karlılık oranı yöntemi arasındaki ilişki hem teorik olarak, hem de bir uygulama üzerinden gösterilmiştir. Uygulamayı anlaşılır kılmak için oluşturulan şekilde iki eğrinin kesişim noktası projelerin net bugünkü değerlerini birbirine eşit kılan verim oranlarını göstermektedir. Bu oran yaklaşık % 15,31’dir. Sonuç: Proje değerlemesinde kullanılan verim oranı (kabul edilen asgari karlılık oranı) %15,31 değerinden küçükse, B projesi tercih edilecektir. Ancak, kullanılan verim oranı bu değerden büyükse A projesi tercih edilecektir.

The main objectives of enterprises are seen as increasing the value of the firm and maximizing shareholder value. Businesses make financial and investment decisions while fulfilling these objectives. The investment decision is a long-term strategic decision of the enterprise and the capital budgeting decision is taken into consideration in the investment decisions.Project evaluation methods can be grouped as follows considering the time value of money: (Çağlar, 1996)1.Criteria which do not take into account the time value of money (Static Assessment Methods)1.1.Ratio of Profitability: It is necessary to divide the annual profit of the project by the initial investment amount. (Türker, 1989)1.2.Payback Period: In this method, the net money inflow to be provided by the investment, is the length or number of years required to pass in order to meet the investment amount.. (Akgüç, 2013) Priority is given to projects with a short payback period. (Türker, 1989)2.Criteria considering the time value of money (Dynamic Assessment Methods)2.1.Benefit Cost Ratio (Profitability Index): It is calculated by the ratio of the present value of the benefit obtained from a project to the present value of the costs. (Campbell and Brown, 2003) If the cash inflow is more than the amount invested, the profitability index is greater than 1 and the project is accepted. (Crundwell, 2008)2.2. Annual Equivalent Expenditure Rate: When choosing between alternative techniques to perform the same service or work, annual peer expenses of these projects can be compared. The annual cost of an investment project is equal to the total of operating expenses and the share of the investment amount per one year.  In the examined method, annual expenses are compared between alternative investment projects and the project with the lowest annual cost is selected. (Akgüç, 2013)2.3. Net Present Value Method: The net present value of a project is calculated by subtracting the present value of capital expenditures from the present value of cash inflows. (Dayanada, 2002) The positive net present value for a given project indicates that the project benefits are greater than the costs. (Campbell and Brown, 2003) Therefore, it is necessary to discard projects with negative net present value and to undertake projects with positive net present value (Ross, 1995).2.4. Internal Rate of Return: The internal rate of return can be defined as the discount rate and investment measure that equals the net present value of all cash flows to zero. (Albornoz et al, 2018; Remer and Nieto, 1995; Campbell and Brown, 2003; Türker, 1989) To accept an investment project, the internal rate of return (discount rate) must be greater than the minimum rate of return. (Hartman and Schafrick, 2004) When selecting enterprises from projects, the use of investment project evaluation methods should be as follows; (Gedik et al., 2005) - In order of preference among various projects; . Internal rate of return and cost-benefit ratio methods should be prioritized.- If the investment cost is equal, net present value, cost-benefit ratio and internal rate of return methods should be used for preference among projects. - If the investment projects will be preferred according to their profitability, the internal rate of return method should be preferred. - In the projects of product mix goods and services, net present value and annual value method should be used if the investment amount of the establishment period and the operating period expenses are certain. - Acceptance or rejection of a single project; If the cost of capital is known, net present value, internal rate of return, cost-benefit ratio methods should be applied.The advantages and disadvantages of net present value method and internal rate of return method are as follows: The advantages of the net present value method are; the project takes into account the entire life span, taking into account time preferences by reducing future cash flows to present value; and how much the value of the company and therefore the presence of shareholders will increase. However, the disadvantages of the net present value method are; the lack of clear and objective criteria for the determination of this discount rate as a result of capital's consideration of the opportunity cost (discount rate) as data in the calculations, affecting the selection and ranking between investment projects by determining the discount rate low or high, and not allowing much opportunity to compare different size projects.The advantages of the internal return ratio method are; this method reflects the profitability of the invested capital,  show the maximum interest rate, easier analysis and interpretation of internal profitability rates for business people, taking into account the time factor and the economic life of the investment, reducing the inflows and outflows required by the investment to the same time level, making it a comparable objective method. On the other hand, the disadvantages of the internal return rate method are: more than one internal rate of return resulting from cash inflows may arise in the investment project, making it difficult to determine which rate will be the basis for the assessment; low-profit projects may cause non-preferred, does not directly reflect the decision-maker's preferences over time; and calculation of the method to be exhausting.  Considering these advantages and disadvantages of enterprises in project appraisal is important in terms of profitability, productivity and strategic position of the enterprise.The net present value method and the internal rate of return method give the same results for accepting and rejecting decisions, given a single project. (Campbell and Brown, 2003) However, this may not be the case when a choice between two or more projects needs to be made and may give different results. (Campbell and Brown, 2003) For this reason, it is explained in the sample application which of the two projects should be selected among the net present value method and the internal rate of return method.  In order to make the application understandable, the intersection point of the two curves shows the discount terms that make the net present value of the projects equal. This rate is approximately 15.31%. If the discount rate used in project valuation (accepted minimum profit rate) is less than this value, project B will be preferred. However, if the discount rate used is greater than this value, project A will be preferred.