Teoria de opções reais: avaliação econômico-financeira de projetos na indústria cerâmica

The present study aimed to evaluate economically the implementation of Clean Development Mechanism in the substitution of non-renewable biomass to renewable biomass in the production process of a red ceramics enterprise. The evaluation intended to show the value of management flexibility, according to adaptations made in the methodology proposed by Copeland & Antikarov (2001), adding to the traditional discounted cash flow the evaluation the Real Options. This procedure follows a routine of essential steps for the analysis of variables that comprises the model and enabled the ordination of the results based both on the Real Options and the present values, including management flexibility evaluation.  It could be concluded that Real Options Theory, and the Option to Delay or Postponement contributed with information that might assist and improve projects investment decisions, since several real-world inherent uncertainties are considered.