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对于寿命期不同的投资项目进行选优时,由于不能对其净现值、内部报酬率和获利指数进行直接比较,一般选用最小公倍寿命法进行项目优选。使用最小公倍寿命法进行项目选优时,首先,求出各备选项目寿命期的最小公倍数；其次,假定各备选项目在最小公倍寿命期间进行多次重复投资；然后,计算各备选方案在最小公倍寿命期间创造的价值,即净现值NPV；最后,按照NPV指标进行项目选优的决策原则,选择NPV值最大的项目作为实际投资项目。该方法的缺陷在于：
For projects with different life expectancies, the least common-life method is usually used to optimize the project because they can not directly compare their net present value, internal rate of return and profit-making index. When using the least common-life method for project optimization, first, find the least common multiple of the life of each candidate project. Second, assume that each candidate project carries out multiple repeated investment during the least common-use lifetime. Then, NPV, which is the value created during the least common -wealthful life, and NPV. Finally, according to the principle of decision-making of NPV index, the project with the highest NPV is selected as the actual investment project. The disadvantage of this method is that: