Construction Projects appraisal methods

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Construction Projects appraisal methods. Suppose the UK government wants to build High-Speed Railway 3 (HS3) from Edinburgh to Leeds starting as soon as possible from the Edinburgh end.
The government has said that any project evaluation must include a
financial evaluation.

What method would you use to carry out a financial evaluation of the project and to which results would you give the greatest importance?
Your discussion of chosen method, whether IRR or NPV, MUST relate the project characteristics of HS3 (for example it being long-term, uncertain, complex, large, ..). All the discussion should be
related to Highspeed rail.