 In continuation of the promise measurement, we have other measures like discounted cash flow based measures, expectation based measures and economic profit based measures. The first is the economic profit based measures. There is a little difference between accounting profit and economic profit. To determine economic profit, we deduct the cost of equity capital from the accounting profit and the resulting figure is the economic profit. And in economic profit based measures, we have another measure that is economic value edit or we may call it as EVA or EVA. EVA is the spread between return on invested capital and the firm's weighted average cost of capital. When this spread is multiplied by the invested capital, then the absolute value is known as economic value edit. This measure had been invented by Stern-Stewart. EVA as a performance measure boosts investors' behavior in terms of investment of their capital in the assets of the firm. There is a general understanding that if return on invested capital is greater than the weight, then there would be a positive economic profit and this would lead towards higher economic value edit. But empirical literature does not show any such evidence. In EVA literature, we see no higher correlation of economic value edit or EVA. EVA growth with the total shareholder's return. A drawback with EVA is that it does not consider market expectations. The reason is that EVA is primarily based on some accounting data that is backed by historical data. The next measure is the expectations-based measure. It is thought that value is created when the firm's management performance exceeded the expected performance. Expectations-based performance measures are regarded as best short-term performance measures because for a shorter period of time, actual performance of the management can be checked against the expected performance determined in preset order by the shareholders of the firm. Empirical literature shows that there is a higher correlation between expected-based performance measures and the total shareholder's return. To determine expected-based profit, we need to deduct expected profit from the actual profit. Now, if we expand this equation, we see that we can have three different sub-measures in the sport of this expectation-based measure. The first is the revenue, the second is the cost, and the third is the invested capital. Now, we can say that to determine expected expectations-based measures, we need to have three value drivers. Namely, the return on invested capital, VAG, and the invested capital. Now, how value creation can be there? When we have higher return on invested capital, our actual expected profit or actual earnings should be greater than the expected earnings. Value creation is possible in second order through reduced cost of capital. To have a reduced cost of capital, we need to have actual cost of capital lesser than the expected cost of capital. And finally, we can create value through investment of some additional capital. And that is possible when given the earning spread, we have invested an additional amount in the business assets than the expected capital. The last in the row of performance measures is the discounted cash flow-based performance measures. Earlier measures, which we have seen, they have a shortcoming that they provide only one period view. But discounted cash flow-based measures are multi-period measures. They give multi-period aspects of the performance of the firm. In that sense, we have multi-period data so we can determine multi-period performance using these DCF-based performance measures. In these measures, expected cash flows provide better management performance with reference to operating cash flows, with reference to free cash flows, with reference to other related cash flows like investing cash flows or some others. These discounted cash flow measures can also be used to determine one period performance. In short, discounted cash flow-based performance measures when used in the context of short period performance measures, their usage yields better performance criteria in order to determine the performance of the corporate management.