Özet:

Purpose: Traditional capital budgeting methods do not take into account any changes that may occur in the investment project evaluation process. For this reason, businesses prefer the real option method, which involves a change that could happen while evaluating an investment project, as an option value. The purpose of this study is to compare the outcomes of evaluating an investment project for the textile industry using the capital budgeting approach and the real option method. Methodology: In the study, a real investment project was evaluated mathematically using both the real option method (Using the Black-Scholes option pricing model) and traditional capital budgeting techniques (accounting rate of return, payback period, discounted payback period, net present value, internal rate of return, adjusted internal rate of return, profitability index and decision tree). Findings: As a result of the calculations, a growth option was added to an investment project that was not profitable when evaluated with traditional capital budgeting methods, and turned into a profitable project when evaluated with the real option method. Originality: The literature study revealed that the studies primarily concentrated on investment projects in the fields of energy, and natural resources. In this study, first of all, a real investment project belonging to the textile sector was evaluated.

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