The information and communication technology (ICT) industry is one of the most capital intensive among the high-technology industries. ICT business analysis, especially after the industry deregulation, has become a difficult task. Traditional quantitative cost–benefit analysis concerning investment decisions is by no means sufficient for capturing the complexity of the problem in its entirety. This work combines quantitative and qualitative analyses for modeling competitive interactions between players in the ICT business field. The proposed decision analysis model combines real options, game theory, and analytic hierarchy process for analyzing ICT business alternatives under the threat of competition. The proposed model is applied to a real broadband technology business case, showing how it can be formulated and solved.