=+limit on the amount spent in any one period. In the case of Oppton this limit is to be £110,000 at Time 0 for these projects, which if accepted will commence imme-

diately. The five projects are not mutually exclusive (that is, taking on one does not exclude the possibility of taking on another), each one can only be undertaken once and they are all divisible.

The cash flow details are as follows:

Point in time (yearly intervals)

0 1

2 3

4

(£000)

(£000)

(£000)

(£000)

(£000 Project 1

-35 0

60 0

Project 2

-50 30 30 30 0

Project 3

-20 10 10 10 10 Project 4

-30 15 15 15 15 Project 5

-60 70 0

0