time Value (CLV); Enviromental risks; Supplier’s flexibility; Customer arttraction/retention cost; real optioAbstract- There are some models for calculating CLV (Customer Lifetime Value), but most of these models are base on simple NPV (Net Present Value. However, simple NPV ignores three important aspectsof market risk affecting customer cash flow, flexibility of a firm reacting to these changes and cost for customer attraction and cost of customer retention. Therefore, simple NPV might not be sufficient for assessing CLV in high risk markets. This paper is going a suggest a new CLV calculating model with the superior accuracy in high risk markets because, environmental risk, supplier’s flexibility and cost of costumer attraction/retention are included in this model. In this research, real options analysis is suggested to level the CLV model accuracy for are affected by environmental risk in wich suppliers are flexible. By applying real options analysis to CLV , a new approach is recommended to asses an accurate CLV in high risks markets. Keywords-components; Customer Lifetime Value (CLV); Environmental risks; Supplier’s flexibility; Customer attraction/retention cost; real options analyses