Whether you realize it or not, you are a practitioner of real options analysis. Real options analysis in simple terms is an attempt to quantify the value of future, ancillary opportunities that derive from undertaking a given course of action. These opportunities may arise from serendipitous discovery of something of value. For instance, while setting out to discover a medicine for cardiovascular disease Pfizer serendipitously discovered Viagra. Another manifestation of real options value is that undertaking one activity puts you on a path that ultimately provides an entree to pursue a series of similar activities. For example, Apple's development of the iPod provided a platform for the development of iPhones and iPads.
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