According to the PMBOK® Guide and the Standard for Project Management, financial metrics such as Payback Period, Return on Investment (ROI), Internal Rate of Return (IRR), Discounted Cash Flow (DCF), and Net Present Value (NPV) are categorized as Analytical techniques.

As per PMI standards, these techniques are primarily used during the Initiating and Planning phases—specifically within the Develop Project Charter and Plan Cost Management processes—to evaluate the financial viability of a project. They allow the organization to compare different project proposals and select the one that aligns best with strategic goals and financial constraints.

Net Present Value (NPV): Calculates the present value of future cash flows minus the initial investment. A positive NPV generally indicates a project is worth pursuing.

Internal Rate of Return (IRR): The interest rate at which the NPV of all cash flows from a project equals zero.

Payback Period: The length of time required to recover the cost of an investment.

Return on Investment (ROI): A performance measure used to evaluate the efficiency of an investment.

The other options are incorrect based on the following PMI definitions:

Expert judgment: This refers to the insight provided based on expertise in an application area, Knowledge Area, or industry. While an expert might perform these calculations, the formulas themselves are analytical tools.

Earned Value Management (EVM): This is a methodology used in Monitoring and Controlling to measure project performance and progress. It uses metrics like Schedule Variance (SV) and Cost Performance Index (CPI), rather than pre-project selection metrics like NPV or IRR.

Group decision-making techniques: These are used to reach a consensus or a decision among stakeholders (e.g., Unanimity, Majority). While a group might use analytical results to make a decision, the metrics themselves are not decision-making techniques.

As per the PMI Lexicon of Project Management Terms, analytical techniques provide the objective data required for " Data-Driven Decision Making, " ensuring that the project ' s economic feasibility is verified before significant resources are committed.