问题如下：
EPSON developed a projector at a cost of $1,000,000 last year. Now the company management is considering delaying the investment because of the new technology of texture for a year. Which should be considered in the capital budgeting analysis?
选项：
A.The development expense.
B.The possible delay.
C.Both the exploitation expense and the possible delay.
解释：
B is correct.
考点：Evaluating Projects with Real Options
解析：在资本预算中，我们不考虑sunk costs，沉没成本是指那些已经付出且不可收回的成本，与当前的决策无关。Timing option( (e.g., delay investing) )是一种实物期权，允许公司推迟投资，给了公司一个权利。所以在资本预算中要考虑到实物期权带来的价值。
所有的project都会在期初有一笔投资，比如WCInv、FCInv，都可以说是last year投资的，到底哪些归为sunk cost？
