标题：Valuation of Information Technology Investment Using the Discounted Cash Flow and Real Options Analysis: A Case Study of Unified TICARES in PT.Telekomunikasi Indonesia
摘要：PT.Telekomunikasi Indonesia (Telkom) planned to develop an IT-based integrated Customer Relationship Management (CRM) system called Unified Telkom Integrated Customer Care System,or Unified TICARES,in 2012 as a part of corporate strategic initiatives. The key question is whether the value of this investment is truly feasible for the company. The purpose of this research is to provide an ITbased investment valuation analysis using two approaches,namely the discounted cash flow (DCF) and real options analysis (ROA). It compares the results to find out whether different approach will arrive to different conclusions about the investment feasibility. The finding result from both approaches show that Unified TICARES is a promising investment,indicated by positive NPV. However,the result with ROAdid not show much difference against the DCF approach. It indicates that the use of ROA is not always necessary to value an investment due to its complexity. The usefulness of ROAwill be visible in valuing investments that involve complex configurations. ROA is also required when DCF is not sufficient to provide quantitative judgment on project that subject to high risk and uncertainty.
其他摘要：PT.Telekomunikasi Indonesia (Telkom) merencanakan untuk membangun sebuah sistem Customer Relationship Management (CRM) berbasis IT yang disebut Unified Telkom Integrated Customer Care System,atau Unified TICARES,pada tahun 2012. Pertanyaan yang kemudian m
