A large telecommunication company faces an opportunity to invest in a SuperCom project that will revolutionize the way consumers use telephones, internet and TV. They have used the NPV methods to evaluate the project and the project is determined to have a positive NPV. However, the congress is currently debating the viability and process by which to allocate or auction the airwaves that are crucial to the commercial success of SuperCom. The company's lobbyist in Washington advices that the debate would be resolved within a year. It is also noted that time is of the essence for projects like this. What are the real options that can be created for this project and under what conditions can each real option be useful or executed?