Which model of financial evaluation values information systems projects similarly to stock options?

The correct answer is the Real options pricing model. This model provides a framework for valuing projects by recognizing the flexibility and strategic value of investing in information systems. It views investment decisions in a manner akin to financial options, where the value of a project can increase based on future uncertainties and the ability to adapt to those uncertainties.

By using the Real options pricing model, organizations can evaluate information systems projects not only based on expected future cash flows but also by incorporating the potential for future investments and the strategic options available as circumstances change. This approach allows decision-makers to weigh the options of either proceeding with a project, delaying it, or adjusting the scale of investment in response to new information, much like the dynamics involved in stock options.

In contrast, other evaluation models such as the Internal Rate of Return (IRR), capital budgeting, and accounting rate of return do not take into account the strategic adaptability that comes with real options. These models typically focus on static financial metrics and do not adequately address the inherent uncertainties and opportunities that are crucial in the context of information systems projects.