This Masters Thesis presents a research on the Real Options Theory, a subject not yet very well known to the industrial project analysis area but increasingly being considered of most importance to the pricing and selection of new projects. This theory deals with uncertainty, flexibility and the manager`s capability to take decisions about projects. Nowadays, the competitive interactions and the technological advances occur in a everincreasing pace. Corporations need to be flexible and rapidly react to changes in order to avoid endangering their established market positions. The use of traditional analysis techniques, which do not take into account the managements actions, has been making large corporations loose their competitive market positions. The further development of the Real Options Theory in the context of project analysis is, thus, of great importance to applying innovations. The objective of this thesis is to, with the deeper study of the subject at hand, conceive an abstract model (framework) that can be instantiated to management systems that utilize real options as an analysis tool. A prototype capable of analyzing pause, stop and switch use options will be developed as a proof of concept. The software will be able to determine the value of a flexible project (i.e. one that allows for changes along its life time) and the quantitative value of the option (management action).