Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, European University Viadrina Frankfurt (Oder), language: English, abstract: When making project decisions under uncertainty, the traditional Net Present Value (NPV) method is a popular choice among practitioners which is also taught in many financial textbooks. However, there are certain issues with the traditional method that are often overseen resulting in substantial undervaluation of a particular project. Thus, the powerful tool of real option valuation was introduced to make up for this deficit. The purpose of this paper is to show a more comprehensive method for valuing projects under uncertainty, namely real options, by explaining the necessary mathematical tools and by giving an overview of the compelling approaches in financial literature. After explaining the underlying theory and providing a valuation example, the paper will attempt to provide reasons to the limited practice of real option analysis in the industry.Bei Projektentscheidungen unter Unsicherheit ist die traditionelle Kapitalwertmethode (NPV) unter Praktikern sehr beliebt, weshalb sie in Finanzlehrb?chern vorwiegend ber?cksichtigt wird. Die Probleme, in die die traditionelle Methode resultiert, werden allerdings h?ufig ?bersehen und f?hren zu einer substantiellen Unterbewertung des jeweiligen Projektes. Eine umfassendere Methode zur Bewertung von Projekten unter Unsicherheit, die Real Option Analys...