The purpose of this article is to assess the effectiveness and ease of implementation of the real options analysis applied by practitioners to select projects and constitute portfolios while taking into consideration managerial flexibility in project. The real options approach is based on a user-friendly bubble diagram as an attempt to overcome barriers that have so far limited the implementation of the real options analysis despite its superiority in appreciating managerial flexibility with respect to other approaches to resources allocation. Results suggest that the real options analysis seems to perform better regarding its completeness and its ability to generate balanced project portfolios but remains less appreciated according to other criteria such as the ease of interpretation.