"Real" Options

Using Financial engineering in Business Strategy

In the corp finance class, we touched on Real options - the new and improved way to make capital budgeting decisions. I guess the central idea is that NPV type calculations assume that the decision for projects need to take place in present time and ignore the value of waiting for the "right" time of a project.
A primer on this can be found here (no math :))Using real options in strategic decision making

Looks like real-options can also be used instead of traditional DCF techniques for company valuations.