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Independent vs. Mutually Exclusive Projects
Project Sequencing
Some projects must be undertaken in a certain order, or sequence, so that investing in a project today creates the opportunity to invest in other projects in the future. For example, if a project undertaken today is profitable, that may create the opportunity to invest in a second project a year from now. However, if the project undertaken today turns out to be unprofitable, the firm will not invest in the second project.
Unlimited Funds vs. Capital Rationing
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