This paper explores the techniques used by organizations to appraise Information Systems (IS)/Information Technology (IT) investments, and concentrates, in particular, on techniques of capital investment appraisal. We draw on relevant studies reported in both the accounting and ® nance, and the IS literature, which have addressed their usage. Where possible comparisons are drawn between both sets of literatures. The results of a survey that speci® cally examined IS/IT investment appraisal practices of a sample of UK companies is also presented. Among the issues discussed include the extent to which capital investment appraisal techniques are used to appraisal investments, the importance of the techniques used and the problems attendant on the decision making process.

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Reports on the findings of two surveys which examined the way organisations evaluate information systems/technology and other capital of investments. The issues addressed include the following: the extent of evaluation; the extent to which evaluation depends on organisational factors, such as project cost and level of organisational turnover; the existence of formal procedures of evaluation; the financial and other criteria used to evaluate investments, and their importance; and the problems organisations face when evaluating both types of investment. In addressing the above issues the study serves two objectives: first, the findings provide valuable insights regarding the way both types of investments are evaluated, which is currently lacking in both the information systems and the accounting and finance literature, and second, the findings enable confirmation or refutation of some of the popular myths which exist in the information systems literature that such investments are different, are therefore evaluated in a "different" way and present "different" problems when compared to other types of organisational investment.Information systems and other capital investments

content anlaysis, environmental reporting, energy industry, water industry,

The evaluation of information systems technology (IS/IT) investments has been a much debated issue in the IS literature. This paper adds to that debate by discussing the IS/IT project evaluation practices of a sample of the top 1000 UK companies. The study sheds light on a number of evaluation issues, including the extent to which formal procedures of evaluation exist within organizations, and the extent to which consultation with stakeholders takes place, in addition to identifying the problems inherent in evaluating IS/IT investments. The implications of the findings are discussed, where possible in the light of previous research, in addition to identifying a number of key issues where further research is needed.