This chapter discusses various strategic and analytical tools for evaluating projects using net present value (NPV). It introduces corporate strategy and how positive NPV projects should increase share prices. Decision trees are presented as a way to model sequential decisions under uncertainty. Sensitivity analysis, scenario analysis, and break-even analysis allow examining how sensitive NPV is to changes in assumptions. Options related to projects, like expanding or delaying, are discussed as having value not captured in basic NPV calculations. The chapter concludes that a project's market value equals its NPV plus the value of embedded managerial flexibility options.