Research Of Risk Management Of IT Platform Investment Based On Real Option

For the modern enterprise, informationization not only is the inevitable choice of reducing cost and improving the efficiency of the operation, but also lays solid foundation of improving competitiveness. In the process of informationization, the investment of IT infrastructure, which is a very important part of IT investment, plays a very important role.In this paper, directing at the problem of a low return and not realization of the expected value of IT infrastructure investment, IT platform is chosen as object of study and the reason of the problem is analyzed. Moreover, by using the method of real option, the way of how to solve the problem is studied.Specifically, to a great extent, the reason of above-mentioned problem is that IT platform involves an extended time span, the investment value relies on a family of applications and related business opportunity and the technology is very complex. So, the risk factors, involved in the process of investment, is relatively much more, as a result, the investment value is full of a great uncertainty. However, many investors, indifferent to risk awareness, cannot recognize the existence of the risk in the dynamic environment, or even if recognition of coming of risk, they can do nothing to deal with this situation.According to the above-mentioned situation, the improved method of OBRiM is applied to solve the problem, filling the vacancy of risk management of IT platform based on real option. This method mainly includes four steps:First, by study of prior paper and expert interview, the risk factors of IT platform is identified; Moreover, relative importance of such risk factors is arranged using triangular fuzzy AHP, which helps manager to identify which should be attached much more attention; Thirdly, in light of the necessity of consideration of the investment background when identifying the corresponding real option according to risk factors, the NC system investment is chosen as the example to explain how to identify the viable configuration in the Chinese Railway Material Commercial Company Limited; Last, To take the above-mentioned NC system investment as example, we explain how to calculate the nested-option using the log-transformed binominal tree model。In the end, we not only explain some conclusions and its referential value to manager in practice, but also propose some implication for the future research.