Sentence Correction

Corporate finance committees do not plan the detailed activities of the various divisions in a large firm, but by their allocation of investment funds they make strategic judgments as to where the firm should expand.

a) by their allocation of investment funds they make strategic judgments as to where the firm should expand

b) when they allocate investment funds, they make strategic judgments about where the firm might be expanding
c) they make strategic judgments on where the firm should expand when they allocate investment funds
d) by allocating investment funds, they will make strategic judgments about where the firm might be expanding
e) allocations of investments fund as to where the firm should expand are their exercise in strategic judgment

[spoiler]OA: A[/spoiler]

The original sentence is as follows:

Corporate finance committees do not plan the detailed activities of the various divisions in a large firm, but they exercise strategic judgments on where the firm should expand when they allocate investment funds.

So, I think both A and C are correct.

Experts, please help.

Thanks.