This book describes a comprehensive approach to identify and deal
with real options "in" projects, that is, those real options
(flexibility) that are integral parts of the technical design. It
attempts to specify analytically the design parameters that provide
good opportunities for flexibility for any specific engineering
system. It proposes a two-stage integrated process: options
identification followed by options analysis. The options
identification stage discovers the design elements most likely to
provide worthwhile flexibility, including a screening and a
simulation model. Options analysis stage develops a stochastic
mixed-integer programming model to value options. This approach
decreases the complexity and size of the models at each stage and
thus permits efficient computation. The framework developed is
generally applicable to engineering systems. The book explores two
cases in river basin development and satellite communications,
showing significant value of real options "in" projects, in the
form of increased expected net benefit and/or lowered downside
risk.
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