The Ballalrd Company is considering whether to invest in a project today or to postpone the decision until next year. The project has a positive expected NPV, but its cash flows could be less than expected, in which case the NPV could be negative. No competitors are likely to invest in a similar project if the company decides to wait. Which of the following statements best describes the issues that the company faces when considering this investment timing option?

a.) Since the project has a positive expected NPV today, this means that its expected NPV will be even higher if it chooses to wait a year.

b.) Since the project has a positive expected NPV today, this means that it should be accepted in order to lock in that NPV.

c.) Waiting would probably reduce the project's risk.

d.) The investment timing option does not affect the cash flows and will therefore have no impact on the project's risk.

e.) None of the above