Welcome to module four of the course, <i>Alternative Approaches to Valuation and Investment</i>. This is the final module. The fourth course of the specialization, <i>Essentials of Corporate Financial Analysis and Decision-Making.</i> So let's reset the scene. We began this course by defining measures of and alternative attitudes towards risk. We then shifted to linking compensateable risk with expect of return using tools such as the capital asset pricing model. This then lead to a discussion of how we might use a firms own financial information to arrive at an estimate at its cost of capital. Specifically its weighted average cost of capital. And now we shift to real options analysis. We'll begin the module by outlining the problems that we might face while undertaking standard NPV analysis. And then move on to the describing three of the main styles of real options. The options to invest, expansion options, and the option to abandon operations. We'll then work through a discounted cash flow approach to approximating the value of real options, using decision trees, and conclude with a review of some of the key empirical evidence in terms of how widespread real options analysis is in practice. We'll also look at the circumstances where we might wish to be particularly aware of real options. Now, as the final module in the final course of a four course specialization, it's not surprising that we're going to build upon some of the earlier work that we considered. Specifically, in this current module, we're going to assume that you can recall what we mean by discounted cash flow analysis. That is, how to discount cash flows as well as the foundation level of knowledge with respect to options. Now, if you are already across option fundamentals, well, then good. Let's get started. But, if you feel you need a refresher, then you'll find the introductory videos that you need in the final module of the previous course in the specialization, <i>Corporate Financial Decision-Making for Value Creation</i>. It's only about 25 minutes of material, but it will stand you in good stead for what's about to come. Without further ado, let's get into it.