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Investment in enterprise resources planning (ERP) has become a dominant part of IT investment of many organizations. The benefits of the ERP investment are uncertain, and many of the benefits are elusive. It is therefore very difficult for managers to make good investment decision, as there is not an effectively approach to quantify intangible benefits of ERP, and the enterprise used to overrate the benefits of ERP. The benefits of ERP are divided into tangible benefits and intangible benefits. Hochstrasser model is used to analyze the uncertainties of tangible benefits in the process of ERP project investment and an ERP value creation index model is developed, which lists nine most critical drivers of non-financial performances that determine corporation value creation such as enterprise creation and environment. These value drivers can be combined to form a single measurement of non-financial performance. Fuzzy evaluation approach is applied to quantify intangible benefits of ERP. The model has solved the quantifying problem of intangible benefits in ERP's investment based on real option.
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