(1)    Options in Your Projects.  Describe important uncertainties and options in your project.  Analyze these using a real options approach.  Hint:  when thinking about whether an options approach is useful for your project, ask yourselves:

• Is your project in an industry that is very volatile and unpredictable?
• Would the client be in a better position after some uncertainty is resolved?
• In framing alternatives, have we thought about strategies that include downstream decisions?
• Does the decision context involve a series of phased investments?