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Consider the following statement: The flexibility that a management team most of the time has in the implementation of an investment project represents value by

Consider the following statement: The flexibility that a management team most of the time has in the implementation of an investment project represents value by itself. However, this value may not be fully captured in a standard Discounted Cash Flow model. Real options techniques may provide, at this level, an important contribution for the valuation exercise. Do you agree with this statement? Explain your answer.

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