The advantage of the payback period over other capital budgeting techniques is that

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The payback period is the simplest and oldest formal model to evaluate capital budgeting, which makes it an advantage over other capital budgeting techniques. However, it does not directly account for the time value of money and ignores cash flows beyond the payback period. It also does not necessarily always lead to decisions that maximize the value of the firm. Additionally, it does not incorporate risk into the discount rate used to solve the payback period.

The Advantage of the Payback Period Over Other Capital Budgeting