2014-11-122014-11-122009-09-25NEGRÃO, Léony Luis Lopes. Utilização da opção de diferimento na avaliação de implantação de projeto de mecanismo de desenvolvimento limpo em uma empresa de cerâmica vermelha. 2009. 116 f. Dissertação (Mestrado) - Programa de Pós-Graduação em Engenharia Civil, Instituto de Tecnologia, Universidade Federal do Pará, Belém, 2009. Disponível em: http://repositorio.ufpa.br/jspui/handle/2011/6031. Acesso em:https://repositorio.ufpa.br/handle/2011/6031The evolution of the theory of option pricing considers a set of tools to manage and exploit the value arising from the uncertainty and volatility that expand the parameters of the value-adding to the concepts of managerial flexibility. Within this context, this study was to evaluate the implementation of economically Clean Development Mechanism in a red ceramic company located in Production Arrangement of Bindure, northeastern Para The evaluation aims to demonstrate the value of managerial flexibility of Deferral adjustments made according to the methodology proposed by Copeland & Antikarov (2001), which adds to the traditional evaluation of the discounted cash flow Real Option – OR – that the research found, and it is based by means of literature review to formulate the method. This follows a determination of the essential steps for the analysis of the variables that comprise the model, and has allowed the ordering of the results for the values of the OR considered including value present and managerial flexibility, with the method the company object of research. Finally, as a result of this study concluded that the Theory of Real Options through Option Deferral or Postponement contribute information to assist in management decisions to invest in projects when compared to traditional methods of evaluation are considered as uncertainties inherent in the project as the real environment.porAcesso AbertoCerâmicaOpções reaisMecanismos de Desenvolvimento Limpo -MDLCeramicReal optionsClean Development Mechanisms- MDLDissertaçãoCNPQ::ENGENHARIAS::ENGENHARIA DE PRODUCAO::ENGENHARIA ECONOMICA::ANALISE DE CUSTOS