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Research on ERP Project Investment Based on Real Option

Author: WangPengHui
Tutor: ZhuBing
School: Beijing Jiaotong University
Course: Management Science
Keywords: ERP investments Project Evaluation Real Options
CLC: F270.7
Type: Master's thesis
Year: 2009
Downloads: 129
Quote: 1
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Abstract


Into the 21st century, global economic and industrial restructuring and integration process continues to accelerate, the rapid development of high-tech IT, humanity is proudly entered the post-industrial era, the formation of the development and application of nuclear technology for the information age. With the development of information technology, enterprises are facing fierce competition in the market, to enhance their competitiveness through the implementation of information technology, more and more attention on the ERP investment. Chinese enterprise applications ERP for many years, but the overall situation is not good, so how ERP investment project valuation and investment decision-making, becoming the the ERP investment management is an extremely important subject. Compared with the general investment projects, ERP project has its own characteristics: the new system updated quickly; investment in a highly uncertain environment; investment process of the project can be seen as a continuous process of investment; ERP The project is divided into modules were implemented; of stealth investment and income accounts for a large proportion of the investment and income. Existing project investment evaluation theory and methods, did not fully consider the characteristics of the ERP project, and therefore can not deal effectively with the value of the ERP project analysis and investment decision-making problems. The paper first describes the characteristics of the ERP system, summarizes the evaluation of the existing ERP project, then introduced this frontier theory of real options, after the real options approach with traditional pricing methods comparison, pointing out the limitations of traditional methods and superiority and applicability of the real options pricing. In addition, the paper points out that the principle of option pricing method for the ERP project to improve the existing option pricing model, while changing the angle on the evaluation of the ERP implementation process, from the point of view of the project investment decisions for ERP Project pricing to provide a certain basis. This paper summarizes the first scholars at this stage about the ERP pricing, including qualitative analysis and quantitative analysis of two aspects. Subsequently, the real options theory thinking, and illustrates the applicability of the ERP project. Finally, the research presented in this article. The introduction of the the extended NPV model and in-kind option pricing method based on a new set of system pricing method has important theoretical significance and practical value of the investment and management of the ERP project.

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CLC: > Economic > Economic planning and management > Enterprise economy > Economic theory and methods > Management of modern enterprises
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