Why you need to stress the importance of NPV

Question: You are a CFO in a mid-sized company engaged in the manufacturing food equipment industry, which product life cycle is usually 3-5years.  You are also a well trained MBA.  In your job, you need to face board of directors/shareholders to evaluate of the company’s investment. 

1- a: Why you need to stress the importance of NPV. (30marks, 3-4bulletin points and explanations within 200words)

2- And yet, you still need to continue to use lessdesirable measures such as the payback period and AAR, in addition to the NPV and IRR. Why do you think this is the case?(70Marks, 4-5 bulletin points and explanations within300words)