The timing option that gives the option to wait:

I. may be of minimal value if the project relates to a rapidly changing technology.

II. is partially dependent upon the discount rate applied to the project being evaluated.

III. is defined as the situation where operations are shut down for a period of time.

IV. has a value equal to the net present value of the project if it is started today versus the net present value if it is started at some later date.

		I and III only
		II and IV only
		I, II, and IV only
		II, III, and IV only