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Theoretical optimisation of IT/IS investments: A research note
The justification of Information Technology (IT) is inherently fuzzy, both in theory and practice. The reason for this is due to the largely intangible dimensions of IT projects. In view of this, this research note presents the results of on-going research, in the application of Fuzzy Cognitive Mapping (FCM), as a tool to identify complex functional interrelationships associated with the justification of IT. This paper presents a theoretical functional model which describes these relationships, and by using an FCM, further interrelationships are developed in the context of justifying IT projects. A procedure which would address the optimisation of these intangible relationships in the form of a Genetic Algorithm (GA) is proposed as a process for Investment Justification
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A revised perspective on the evaluation of IT/IS investments using an evolutionary approach
On-going research into the evaluation of Information Technology (IT) / Information Systems (IS) projects has shown that aerospace and supply chain industries are needing to address the issue of effective project investment in order to gain technological and competitive advantage. The evaluative nature of the justification process requires a mapping of interrelated quantities to be optimised. Earlier work by the authors (Irani and Sharif 1997) has presented a theoretical functional model that describes these relationships in turn. By applying a fuzzy mapping to these variables, the optimisation of intangible relationships in the form of a Genetic Algorithm (GA) is proposed as a method for investment justification. This paper revises and reviews these key concepts and provides a recapitulation of this optimisation problem in terms of long-term strategy options and cost implications.
Glossary of terms : DC = Direct Costs, FA = Financial Appraisal, FR = Financial Risks, FUR = Functional Risks, HC = Human Costs, IC = Indirect Costs, IR = Infrastructural Risks, OB = Operational Benefits, OC = Organisational Costs, PB = Project Benefits, PC = Project Costs, RF = Risk Factor, SB = Strategic Benefits, SM = Strategic medium-term benefit, SR = Systemic Risks, TB = Tangible Benefits, TC = Tangible Costs, TL = project lead time, TR = Technological Risks, V= Project Value
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