Which ONE of the following statements is NOT true with respect to investment appraisal? a. The NPV method fails to take account of the timing of cash flows over the life of a project b. Sensitivity analysis examines the impact of a change in the value of one variable at a time on the project's NPV c. If acceptance of a project changes the tax liabilities of a firm, then incremental tax effects need to be incorporated into the analysis d. To calculate the expected return, the mean outcome is calculated by weighting each of the possible outcomes by the probability of occurrence and then summing the result