Assess students' ability to apply real options valuation and Monte Carlo simulation to strategic capital investment decisions under uncertainty. Test formulation of option-based decision frameworks (defer, expand, abandon), specification of stochastic inputs, construction and execution of Monte Carlo models to generate NPV distributions, interpretation of outcome metrics (mean, percentiles, VaR), and integration of option exercise rules to determine optimal timing and option value. Include brief calculations, model setup choices, and interpretation questions.