The article presents the concept of evaluation of decision options in research and development projects on the basis of decision trees created in the binomial model. In the opinion of the author, the presented methodology is considerably simpler and has more intuitive character than the algorithms of evaluation of options for financial instruments that are on numerous occasions used to evaluate the real options included in investment projects. On the one hand, this technique allows approximating the values of decision options in the project. On the other hand, its understanding does not require thorough mathematical studies, which is the case for the algorithms of the derivative evaluation. The starting point for the analysis is a simple numerical example. It illustrates the limitations of the method of discounted cash flow in the evaluation of research and development projects. It also presents the method of decision tree concept implementation based on the binomial model in the evaluation of flexibility of activities occurring at such kinds of investments. The described example is accompanied by a commentary that presents the background of conducting profitability analyses for the projects with the use of presented tools. The concluding part of the paper presents methodological limitations to such a solution and describes the causes for an incomplete consistence of the results of the evaluation developed on the basis of decision trees with the results that may be obtained with the use of the full binomial model of the option evaluation.