Which of the following steps should be followed when analyzing demands on a company's cash flow? I. Determine if efficiency improvements have created increased uses of cash flow II. Determine if management has been effective in managing events within its control III. Determine how much sales growth has impacted demands on cash flow IV. Determine how historical demands on eash flow have been met from historical sources and compare these with expected future results a. I \& II b. III \& IV c. I, II \& III d. II, III \& IV