Heat the olive oil over medium heat for 1-2 minutes.  Add orzo and stir until all pieces are coated with the olive oil. Cook for about 5 minutes to toast, stirring occasionally so the orzo does not burn.  

Add in the chicken broth, stir, and bring to a boil.  Reduce heat to a simmer and cover for 10-12 minutes until the broth is absorbed. Check the orzo during the last few minutes of cooking to make sure it is not sticking to the bottom of the pan.  Add small amounts of additional broth if necessary.  

Salt and pepper to taste

*If using Parmesan cheese or toasted slivered almonds, stir them in during the last minute or two of cooking.