Real option analysis adds value to a project when it is used for which of the following? (Check all that apply.)

1. Identifying real options that can be sold in the financial markets

2. Making managerial decision making less deliberate and analytical

3. Increasing the riskiness of the capital project and decreasing the project's cash flows

4. Expanding the way that managers view risk and uncertainty, seeing them as phenomena to be appreciated and exploited rather than feared and avoided.