In earlier studies dealing with IT Portfolio Management (ITPM), the risk and return have not been treated concisely and in combination with the concept of portfolio. Real Options Theory (ROT) has been suggested as a way to analyze IT investments, assuming a dynamic positioning in relation to both these variables. Thus, the aim of this study is to analyze how the dimensions of ITPM combined with ROT help companies to justify and manage their IT investments, including the risks and returns. We performed a quantitative analysis in a company that invests intensively in IT. ROT was found to assist IT managers in the analysis of investments in the ITPM dimensions and allow greater flexibility in decision making and enhance the capacity to take advantage of market opportunities.