This paper presented an example of a qualitative value model approach for Project Portfolio Selection (PPS) regarding Brazilian Air Force (FAB) projects. First, we present a brief literature review about PPS and Value Focused Thinking (VFT). Then we depict some objectives extracted from FAB’s strategic planning to enable the generation of a qualitative value model for PPS. Next, we present the model generation for a subportfolio in the context of Anti-Aircraft Systems within FAB. Lastly, we discuss some approaches to execute a PPS process using the VFT model. This approach is innovative since it allows the elicitation of the value-model according to the specific decision frames of each subportfolio, thus enabling an effective elicitation of the consequences of each process. Additionally, it proposes some procedures to aggregate the results of PPS for each subportfolio by considering the influences of the interdependencies between projects from different subportfolios.