exploitation expense说的是去年投入的那个cost of $1,000,000，不是指新开发的项目是吗？

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：

The development expense.

The possible delay.

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。