Research On The Assessment Model Of Value In IT Project Investment Based On Real Options Theory

As the information technology rapid pentration in various fields, information technology becomes an important factor which enhances the competitiveness of enterprises. Informalization is imperative for enterprises to survive. However, IT projects with massive investment, high-risk venture, indirect benefit and other characteristics make it difficult to solve the investment with traditional investment decision-making methods. Compared to the urgent needs of enterprises for informalization, the assessment of IT project investment is seriously lagging behind. So it is necessary to improve the assessment methods for the IT project investment.This paper analyzes the characteristics of IT project, and makes a summary of real options types contained in the IT project. Although the real options method can overcome the disadvantages of traditional assessment methods in dealing with the uncertainties, it overlooks the indirect cost and benefit in the IT project. For this reason, this paper establishes a new model for the assessment of value of IT project investment based on real options theory. Firstly, this paper establishes an assessment index system in order to measure the inputs and outputs of the IT project. Secondly, through AHP, gray theory and fuzzy mathematics, the new model which combines assessment index system with real options method can fully assess the option value of the project.In order to test the effect of the new model, this paper analyzes the same IT project case with NPV method, real options method and the new method. The result proves that the new model can accurately measure the value of IT project. The new method enhances the enterprises' capabilities in IT investment decision-making and provides reference standards for the implementation of IT project which has important strategic significance for the enterprises.