1)All of the following are drawbacks to using ROI as a performance measure EXCEPT

a.If the ROI calculation isn't for a full period, it may provide a misleading indication of performance for uneven cash flow situations.

b.Although ROI uses discounted cash flows, it cannot measure to what extent profits exceed the cost of capital.

c.ROI does not include a charge for the cost of the capital invested in the project.

d.ROI may lead management to reject a positive NPV project if the project results in the decline of a given business unit's ROI.