Realoptioners tillämplighet i inköpsprocessen

Abstract

Real options are a relatively new way of evaluating investments. Very little research has been done regarding the purchase and applicability of real options. This thesis tries to bridge that gap. In our thesis, we examine if the prerequisites for real options are fulfilled in the purchasing process. The prerequisites are divided in organizational and strategic ones. First of all the organization needs to have the competence and the commitment to work with real options. Furthermore, for real options to exist at all there has to be an amount of uncertainty, managerial flexibility to respond to that uncertainty and an asymmetric pay off. Also, investments have to be partly irreversible. Additionally in our thesis, the possibility of writing flexibility into the parameters of supply contracts is examined. A model based on the work of Bräutigam et al. is used to structure the analysis. In our study, we have come to the conclusion that all prerequisites are fulfilled but the organizational. The purchasing staffs do not have the managerial flexibility due to lack of authority. However, since all other prerequisites are fulfilled, a real option is formed and its specific prerequisites are verified.