问题如下：
Cathy is making the following two statements regarding the real option:
1. The embedded real option will increase the value of the project only if the value of a real option is more than its cost.
2. The flexibility option allows the company to delay investing.
How many statements are accurate?
选项：
A. None.
B. One.
C. Two.
解释：
B is correct.
考点：Evaluating Projects with Real Options.
解析：当实物期权带来的价值大于其自身的成本时，该期权就会增加项目的价值，所以第一句话的表述是正确的。Timing option而非flexibility option允许企业推迟投资，所以第二句话的表述是错误的。
题目里观点1，如果本来项目npv =-300, option npv = -250, 同样可以improve original project同时option的收益也不见得大于成本啊