If a firm decides to structure a project in such a way that expenditures might be made in phases instead of all at the beginning, predict the way in which this would influence the project's risk and expected NPV. Support your position with one real-world illustration of such an effect. From the scenario, take a position for or against TFC's decision to expand to the West Coast. Give a rationale for your response in which you cite at least two capital budgeting methods (example: NPV, IRR, Payback Period and so on) which you used to arrive at your decision.