• What variable(s) determine how long the competitive advantage period is for a company or product?

• What rate of return on new invested capital would you use if you believe the company's competitive advantage has expired and the company's products (including new projects) are commoditized (and equal with others in the industry)?

• In the section on nave base year extrapolation the authors make the point that the increase in working capital should be what?

• If you are using a multiples approach to estimate continuing value should you use the multiple for the company today or at the end of the forecasting period?What could account for a change in the two multiples?

• When could you make the case to use liquidation values?