$16.$ C$.$ Porter & Co$.$ has developed a forecasting model to estimate its AFN for the upcoming year. All else being equal, which of the following factors is most likely to lead to an increase in the additional funds needed $($AFN$)?$

a$.$ The company increases its dividend payout ratio.

b$.$ A switch to a just$-$in$-$time inventory system and outsourcing of production.

c$.$ The company switches its materials purchases to a supplier that offers a longer credit period $($with all other terms held equal$).$

d$.$ The company discovers that it has excess capacity in its fixed assets.

e$.$ A sharp decrease in its forecasted sales.