This book exhibits real options as a tool for valuing projects, under uncertain conditions. It shows alternative methods, that can be used with Black & Scholes Model, being the most accepted one, currently, for valuing real options. Pharmaceutical sector has been highlighted as main sector for showing case studies related to applications of real options. Examples related to other sectors have also been presented. Revision has been suggested in Black Scholes Model to account for change in strike price of a real asset. 5 Case studies of companies have been taken to exhibit calculations, with revised Black Scholes Model.