A real option is the opportunity to make flexible decisions in a continuously changing environment. Real options were used by people long before this concept was formally introduced to academics and the public. Meanwhile research analysis provided better understanding for existing options and more powerful tools for construction of new ones. In practice, real options allow for a manager to choose flexibility for management of the company in uncertain and often unforecastable internal and external environments. This paper aims to provide an introduction to the subject for a Russian-speaking reader. The presentation is organized using numerous examples and cases. In the second part of the paper the author provides his results on classification, usage and concrete applications (IT, brands, valuation) of real options.
