This study describes a framework for how real option mechanisms derived from advancements in project management—agile methodologies, digitization, cloud computing, and artificial intelligence—can be used to configure projects to achieve target benefits. It identifies the mechanisms—actions, decisions, or entities—that enable projects to deliver target benefits and uses real options analysis to quantify and model the differences. This framework includes real option types, mechanisms, and locations; project roles and processes; risk scores and failure rates; a computational model; and a binomial tree for visual analysis. It applies the framework to illustrative cases comparing agile and plan-driven and cloud computing and on-premise infrastructure projects. The study contributes a novel framework to the project management literature on agile projects and benefits realization.