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Commodore Corporation is making decision whether it makes sense to invest in project today, or to postpone this decision for 1 year. Which of the given statements best describe the issues which commodore faces when thinking of this investment timing option?

a. Investment timing option doesn't affect expected cash flows and must hence have no impact on project's risk.
b. More uncertainty about project's future cash flows more probably it is that commodore will go ahead with project today.
c. If project has positive NPV today, this means that its expected NPV will be even higher if it selects to wait a year.
d. All above statements are right.
e. None of the above statements is right.

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