The traditionlly evaluating method represented by Discount Cash Flow (DCF) always underestimates the value of R&D project, because it ignores the value of operation option embodied in the project.

• 而以折现现金流(DCF)为代表的一些传统评估方法则由于忽视了其中的经营柔性的价值，因而往往会造成对项目价值的低估。