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Npv Analysis Treats Projects as “now-Or-Never” Opportunities Real OptionsNPV misuseNPV analysis treats projects as “now-or-never” opportunitiesIt fails to account for the value associated with managerial flexibility and the value gained (destroyed) when that flexibility is created (removed).* Decision biases If an investment is irreversible and can be delayed then, there is an opportunity cost of investing today (giving.