The current qualitative phenomenological study focused on how information technology (IT) leaders managed IT investment during the global economic downturn in the Taiwan IT industry. Organizations around the world spend billions of dollars on IT-related products and services every year. Determining an effective IT investment plan is a complex task (Boivie, 1998; Borenstein & Betencourt, 2005; Hu & Quan, 2006). The current study involved a qualitative phenomenological method to explore lived experiences and perceptions of 12 chief information officers (CIOs) who had worked in IT investment for at least two years in the Taiwan IT industry. Two research questions were developed to understand how CIOs experienced IT investment during the global economic downturn, and what CIOs suggested for an effective IT investment guideline based on their experiences. Data collection included nine open-ended interview questions. One unexpected finding of the current study was that CIO participants suggested chief executive officers (CEOs) invest in people during a poor economy when IT budgets are less. A nine-step IT investment guideline was created based on the suggestions of the study participants. The IT investment guideline may allow IT leaders to manage the IT investment better during a global economic downturn. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]