NPV vs IRR
NPV is Net Present Value is the present value of the future net cash flows from an investment project, and is one of the main ways to evaluate an investmentIRR - The Internal Rate of Return method is the process of applying a discount rate results in the present value of future net cash flows equal to zeros. NPV is calculated in terms of currency while IRR is expressed in terms of the percentage return a firm expects the capital project to return.
The IRR and NPV rules can be used for evaluating projects and more often than not the results are very similar. The NPV method is preferred over the IRR because it calculates additional wealth and the IRR method does not. Whenever there is a conflict between NPV and IRR the correct answer is provided by NPV. NPV is stated as the most acceptable tool to compare alternative investments as compared to Internal Rate of Return (IRR) and payback (Gitman, 2009).

The major limitation to the IRR is that it uses one single discount rate for evaluating all its investments and without modification does not take into consideration changes in discount rates which would make it inadequate to be used for long term projects. It uses one single discount rate to evaluate every investment.
If the IRR is above the discount rate the project is feasible, if it is below, the project is not feasible. There is however, one possible advantage to the IRR, managers returns managers tend to better understand the concept of returns stated in percentages and find it easy to compare to the required cost of capital.

References

Byrd, J., Hickman, K., & McPherson, M. (2013). Managerial Finance. [Electronic version]. Retrieved from https://content.ashford.edu/
Gitman J. Lawrence, (2009), “Principles of Managerial Finance”, Pearson