flowchart LR
    A["NPV/DCF limitations —<br/>cannot reflect the value<br/>of uncertainty or flexibility"] --"Quantify managerial<br/>flexibility as option value"--> B["Real option value<br/>= NPV + flexibility premium"] --"Make the optimal investment<br/>decision under uncertainty"--> C["Prevent under/over-investment,<br/>maximize strategic value"]

    style A fill:#FFEBEE,stroke:#D32F2F,color:#000
    style B fill:#E3F2FD,stroke:#1976D2,color:#000
    style C fill:#E8F5E9,stroke:#388E3C,color:#000
  

    flowchart TD
    subgraph R1["　"]
        direction LR
        O1["Option to Expand<br/>Option to Expand<br/>The right to scale up<br/>investment if it succeeds"]
        O2["Option to Contract<br/>Option to Contract<br/>The right to scale down<br/>the business if it underperforms"]
        O3["Option to Defer<br/>Option to Defer<br/>The right to decide investment<br/>timing after uncertainty resolves"]
    end
    subgraph R2["　"]
        direction LR
        O4["Option to Abandon<br/>Option to Abandon<br/>The right to sell assets<br/>after discontinuing the business"]
        O5["Option to Switch<br/>Option to Switch<br/>The right to flexibly switch<br/>production method or product"]
        O6["Growth Option<br/>Growth Option<br/>The right that a current investment<br/>opens up future opportunities"]
    end

    style O1 fill:#E3F2FD,stroke:#1976D2,color:#000
    style O2 fill:#F3E5F5,stroke:#7B1FA2,color:#000
    style O3 fill:#FFF3E0,stroke:#F57C00,color:#000
    style O4 fill:#FFEBEE,stroke:#D32F2F,color:#000
    style O5 fill:#E8F5E9,stroke:#388E3C,color:#000
    style O6 fill:#E0F2F1,stroke:#00796B,color:#000
    style R1 fill:none,stroke:none
    style R2 fill:none,stroke:none
  

    flowchart LR
    subgraph PHASE1["Stage 1: MVP investment"]
        direction TB
        P1["Build minimum functionality<br/>Small-scale pilot<br/>High uncertainty"]
    end

    subgraph PHASE2["Stage 2: Observe outcomes"]
        direction TB
        P2a["Success scenario<br/>Positive market response"]
        P2b["Failure scenario<br/>Negative market response"]
    end

    subgraph PHASE3["Stage 3: Exercise the option"]
        direction TB
        P3a["Exercise the expansion option<br/>Execute the full-scale investment"]
        P3b["Exercise the abandonment option<br/>Stop after minimizing loss"]
    end

    PHASE1 --> PHASE2
    P2a --> P3a
    P2b --> P3b

    style PHASE1 fill:#E3F2FD,stroke:#1976D2,color:#1E3A5F
    style P2a    fill:#E8F5E9,stroke:#388E3C,color:#000
    style P2b    fill:#FFEBEE,stroke:#D32F2F,color:#000
    style P3a    fill:#1E3A5F,stroke:#1E3A5F,color:#fff
    style P3b    fill:#f5f5f5,stroke:#ccc,color:#555