The traditional methods of Valuation are being questioned as they do not consider possible uncertainties related to investment decisions. In this scenario, Real Options Theory applies option`s concept to real assets, aiming to add the value of managerial flexibility to traditional Valuation techniques. The evaluation for Real Options is considered complex due to the difficulty of modeling uncertainties and flexibilities, beyond the need to have complete markets. This work aims to add the managerial flexibility to Valuation by binomial lattice and decision tree techniques, with risk neutral probabilities, in a discrete time approach to evaluation for Real Options. Using dynamic programming to apply this method, which is computationally intense, but simple and intuitive. The practical application consists in valuing an option to expand and to abandon faced by an IT company.