Viewing Strategy as a Portfolio of Options Rather Than a Portfolio

Multiple Choice

Viewing strategy as a portfolio of options rather than a portfolio of investments relies upon the rationale that:

A) Uncertainty means that flexibility is valuable
B) Committing to a long-term program of investment can be disastrous if circumstances change
C) Most investment projects can be divided into a sequence of stages where,at any point of time,it is only necessary to decide the next stage
D) All of these