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Do you consider the risks of your projects and decisions, or are you more focused on returns? How do you value some of your strategies and options? Do you have a hard time trying to understand what risk is, let alone quantifying risk?



Real Options Valuation, Inc. is a software, training, and consulting firm specializing in state-of-the-art decision and risk analysis tools and techniques such as Real Options Analysis, Monte Carlo Simulation, Forecasting, Optimization, Statistics and Risk Modeling. Forecast the future, analyze projects at risk; identify, quantify, value, hedge, mitigate, and diversify risk. We have offices in California and China (Beijing and Shanghai) as well as partner offices in Brazil, Colombia, Hong Kong, Mexico, Nigeria, Switzerland and Venezuela.



  • Dr. Mun’s latest book is a logical extension of the theory and application presented in Real Options Analysis. More specifically, The Real Options Analysis Course presents numerous real options examples and provides the reader with step-by-step problem solving techniques. After having read the book, readers will better understand the underlying theory and the opportunities for applying real option theory in corporate decision-making.

    Chris D. Treharne, M.B.A., A.S.A., M.C.B.A., – President, Gibraltar Business Appraisals, Inc. (USA)
  • Mun provides a very practical step-by-step guide to applying simulations and real option analysis-invaluable to those of us who are no longer satisfied with conventional valuation approaches alone.

    Fred Kohli, – Head of Portfolio Management, Syngenta Crop Protection Ltd. (Switzerland)
  • The book leads the field in real options analytics and is a must-read for anyone interested in performing such analyses. Dr. Mun has made a formidable subject crystal clear and exponentially easy for senior management to understand. Monte Carlo simulation and real options software alone is worth the book price many times over.

    Morton Glantz, – Renowned educator in finance, author of several books, financial advisor to government and private entities (USA)
  • This text provides an excellent follow up to Dr. Mun’s first book, Real Options Analysis. The cases in the Real Options Analysis Course provide numerous examples of how the use of real options and the Real Options Toolkit Software can assist in the valuation of strategic and managerial flexibility in a variety of arenas, with many practical and useful examples.

    Charles T. Hardy, Ph.D., M.B.A., – Chief Financial Officer & Director of Business Development, Panorama Research, Inc. (USA)
  • Mun has converted his tacit financial knowledge into a digestible user-friendly book. He effectively leads the reader on a solid path starting from discounted cash flow, progressing through Monte Carlo analysis and evolving to real options to get even closer to the target of achieving confident corporate decisions. His ability to clearly explain the relationships of popular competing analysis methods will make this a must have reference book for today’s decision makers.

    Kenneth English, – Director of R&D, The Timken Company (USA)
  • …written from the viewpoint of an educator and a practitioner, his book offers a readable reference full of insightful decision making tools to satisfy both the novice and the experienced veteran.

    Richard Kish, Ph.D., – Associate Professor of Finance, Lehigh University (USA)
  • Strategy development has fallen on hard times being judged not relevant for a rapidly changing world. With this book, Dr. Mun attacks this poor excuse head-on by presenting a clearly organized, tool-supported methodology that logically progresses from exploring uncertainty that bounds risk to the creation of options for constructing realistic business strategies.

    Robert Mack, – Vice President, Distinguished Analyst, Gartner Group (USA)
  • …finally, a real options analysis book that is technically sophisticated enough to be useful, and practically written so that it can actually be used. It is destined to become the handbook of real options.

    Tracy Gomes, – President, Intellectual Property Economics, (USA)
  • Many books on real options can be intimidating. Mun offers a pragmatic, reliable and entertaining guide. Complex concepts and formulas are brilliantly interspersed with well-chosen examples and step-by-step walk through from a variety of industries.

    Shota Hattori, – President and CEO, Kozo Keikaku Engineering, Inc. (Japan)
  • Real Options Analysis is the clearest book on real options that we have read to date. It does an excellent job of demystifying a difficult and complex subject. It provides a solid basis for conceiving, assessing, and evaluating real options investments, which will make it useful to practitioners and students alike.

    Ian MacMillan, Ph.D., – Fred Sullivan Professor of Entrepreneurship, Wharton School, University of Pennsylvania (USA)
  • …this book is a must have and must read… Dr. Mun’s new book is a refreshing, cutting-edge look at a powerful new decision making process… it isn’t often you can truthfully say a book breaks new ground, but [this book] has certainly done that.

    Glenn G. Kautt, – President, Monitor Group, Inc. (USA)
  • Mun demystifies real options analysis and delivers a powerful, pragmatic guide for decision makers and practitioners alike. Finally, there is a book that equips professionals to easily recognize, value, and seize real options in the world around them.

    Jim Schreckengast, – Sr. Vice President, R&D Strategy, Gemplus International SA (France)
  • A must read for product portfolio managers… it captures the risk exposure of strategic investments, and provides management with estimates of potential outcomes and options for risk mitigation.

    Rafael E. Gutierrez, -Executive Director of Strategic Marketing & Planning, Seagate Technology (USA)
  • Johnathan Mun has previously published a number of very popular books dealing with different aspects of risk analysis, associated techniques, and tools. This last publication puts all the pieces together. The book is really unavoidable for any professional who wants to address risk evaluation following a logical, concrete and conclusive approach.

    Jean Louis Vaysse, – Deputy Vice President Marketing, Airbus (France)
  • Dr. Mun’s book has set a high standard of publishing in the area of analytical models, risk, and decision analysis, with significant practical contributions at all levels of risk management. I strongly recommended this book to all readers who want to gain a clear and applied understanding of risk and analytical models

    Dr. Eshan Nikbakht – HOPSTRA UNIVERSITY