This document provides an overview of real options analysis, including: 1) An introduction to real options, explaining that real options give managers flexibility to respond to uncertainty, like the option to defer, expand, or abandon projects. 2) A section on identifying real options, noting options are often tied to phases, milestones, alternatives, and discretionary investments where decisions can be deferred. 3) A section on valuing real options, explaining flexibility has value accounted for using models like decision trees and Black-Scholes that value the ability to defer investments due to uncertainty. 4) A section on managing strategy as a portfolio of real options, where projects fall in a "tomato garden"