Discuss issues a manager faces in producing relevant and realistic cash flow estimates and risks incorporated into project analysis. Please provide examples to support the following statements and cite your sources in a references list 1. operating cash flows, rather than accounting profits, are used in project analysis. What is the basis for this emphasis on cash flows as opposed to net income? 2. Why sunk costs should not be included in a capital budgeting analysis but opportunity costs and externalities should be included. 3. How do simulation analysis and scenario analysis differ in a way they treat very bad and very good outcomes? What does it imply about using each technique to elevate project riskness? 4. In theory, market risk should be the only relevant risk. However, companies focus as much on stand alone risk as on market risk. What are the reasons for the focus on stand alone risk.