Increasingly CIO's are interested in managing their IT Project Portfolios centrally. This may be done for a variety of reasons, e.g. to manage costs, reduce duplication of effort, reduce the number of silos in the organization, better understand what the firm is doing, or to align their IT investments with their firm's strategy. In particular, during this time of an economic downturn managers want to use their resources efficiently in response to tightening IT budgets. An important question then becomes how to value these projects. Real Option Analysis (ROA) has become one of the common tools used for valuing projects. However, the assumption of independence between projects often made by researchers may undervalue growth options under a wide variety of assumptions when these projects are positive quadrant dependent (PQD), a form of positive correlation.