A proposed project will reduce the amount of inventory a firm must keep on hand.This effect:

a. is an initial cash inflow that should be included in the analysis.

b. should be ignored when analyzing the viability of the project.

c. is a cash outflow relevant to the first year of the project.

d. is a negative capital expenditure at time zero.

e.is an erosion cost and should be included in the annual net income of the project.