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(An Alternative Method of Project Evaluation: Real Options) Professional managers have long intuited that both operating flexibility and strategic flexibility are important elements in valuation and planning decisions. In this context, a real option is an alternative model for project evaluation.Similar to options on financial securities, real options involve discretionary decision or rights, with no obligation, to acquire or exchange an asset for a specified alternative price. Traditional valuation procedures, such as Discounted Cash Flow Analysis, ignore the value of managerial flexibility, but the real options methodology measure the value such a flexibility.
Professional managers have long intuited that both operating flexibility and strategic flexibility are important elements in valuation and planning decisions. In this context, a real option is an alternative model for project evaluation.Similar to options on financial securities, real options involve discretionary decision or rights, with no obligation, to acquire or exchange an asset for a specified alternative price. Traditional valuation procedures, such as Discounted Cash Flow Analysis, ignore the value of managerial flexibility, but the real options methodology measures the value of such a flexibility.
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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