Definitely, one of the most uncertain competitive arena in corporate business is the industry of telecommunications. It's intrinsic characteristics, such as high degree of immobilization and geographic dispersion, under the effect of some volatile issues such as demand, currency rate, technology and regulatory affairs, among others, may yield great impacts on business results. This uncertainty has always existed, but in recent times it has been emphasized. In the face of this new necessity, the current methods used in strategic planning and investment analysis have been little effective. It's not a matter of adopting a better or worse approach, but of adopting the most appropriate one. Regarding this, however, the only certainty is that the best alternative is not try to fit investments and strategies of such a dynamic industry as telecommunication in a static and inflexible planning. The objective of this work is present and illustrates a method for strategy assessment and definition for telecommunications, based on real options. This method is an integrated view of employed and known tools and methods in real options, scenario analysis and strategy. The research does not intend to define what is best for analysis and discussion of strategies and investments in telecommunications, but to offer reflections more in line with the singularities of the business.