In this report, we first develop a simplified example that illustrates the importance of considering the option ``waiting to invest'' when valuing an investment. This is followed by a short description of other options that could be embedded in an investment opportunity. In order to stress the importance of the real option mind-set in strategic planning and competitive assessment, we present three examples of possible applications of real options for evaluating investments at Bell Canada. A brief discussion follows on the importance of a real options mind-set in the telecommunications regulation context. Finally we conclude by underlining the importance of an efficient information gathering and processing framework to implement a real options framework. Two technical appendices provide more details on both the modeling and the solving techniques that are commonly used to implement real options.

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