What methods do you normally use in your organization to determine project feasibility? And which one do you feel comfortable to go with?

Alrite. EVA looks bit complicated to me even if in the long it is equal to the discounted cashflow than why not to make our work easier with NPV.

NPV and IRR are the best measures for Project feasibility in terms of financials. Some companies also use Economic - Value Added (EVA) as a key feasibility metrics.