 This presentation discusses the use of real options to value IT investments.
This approach is used in a framework/methodology named Value-based IT ALignment or VITAL. This is an excellent approach but unfortunately the presentation without voiceover might leave a few holes unplugged. Nevertheless, a good place to start the journey.
The VITAL project is investigating an economic value-based approach to business IT alignment in a networked organization "because in a network, there is not a single decision point about ICT support and different actors in a network may have conflicting requirements. Networks exist when different businesses decide to cooperate by means of ICT networks, but they also exist in large corporations, which often consist of nearly independent business units.