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Water: Impacts, Risks, and Adaptation 217viviiviiiixxReal options is a type of financial based planning method for uncertainty. WUCA describes it as atype of cash flow analysis that includes flexible implementation. It uses classical decision analysiswith hedging concepts from financial planning.Portfolio planning is a financial tool where a portfolio is selected to minimize risk and to hedgeagainst future uncertainty.See http://www.esrl.noaa.gov/psd/ccawwg/.See http://www.energy.ca.gov/.See http://www.wucaonline.org/html/actions_puma.html.

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