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).
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