When considering mutually exclusive projects, the project that adds most to shareholder wealth is the one with:

The project that adds most to shareholder wealth is the one with the greatest net present value (NPV). NPV is the sum of all the present values of cash flows associated with the project, minus the cost to undertake the project. A higher NPV reflects more cash inflows, which in turn increases the return to shareholders. Therefore, the project with the highest NPV would add the most to shareholder wealth.