The option to delay a project:

I. may have an insignificant value when a project is subject to a rapidly changing technology.

II. is partially dependent upon the exchange rate related to the project being evaluated.

III. always has a positive value.

IV. is typically valued based on a project's payback period.

Multiple Choice

• II only

• I, II, and III only

• III and IV only

• I and II only

• I only