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The purpose of this paper is to show, based on an actual example of the application of the Intangible Assets Management method, how the process of intangible asset assessment should be conducted in order to facilitate the subsequent process, i.e., appraisal of intangible assets. In particular, this method splits from that of internal values – associated with the organization's financial performance – and provides a valuation of each intangible asset. This is important since the methods that encompass valuation generally start out with company market value to generate an appraisal of intangible assets. Although the method analyzed in this paper requires some effort on the part of specialists during the appraisal procedure, such effort is compensated by the fact that the resulting values suffer less from volatility, i.e., they are less prone to market reactions. Another important point made here is that the method outlined can be applied to any organization, regardless of whether its shares are publicly traded or not, since the method does not rely on market value to appraise intangible assets. The method attempts to show that the best way to handle risks and intrinsic uncertainties of intangibles during the appraisal of assets is through the concomitant application of Real Options Analysis (ROA), as well as other methods, such as Discounted Cash Flow (DCF). Although the method has been developed and applied in an organization that belongs to a preeminent energy sector company, it could be applied in business units, departments, divisions or other organizations belonging to different sectors of activity. [ABSTRACT FROM AUTHOR]