Which of the following statements is false?

a When we are certain regarding the input to a capital budgeting decision, it is often useful to determine the break-even level of that input.

b To compute the NPV for a project, you need to estimate the incremental cash flows and choose a discount rate.

c Sensitivity analysis allows us to explore the effects of errors in our estimated inputs in our NPV analysis for the project.

d Estimates of the cash flows and cost of capital are often subject to significant uncertainty.