This paper attempts to prove that in the real world environment the Black-Scholes (BS) model provides reference prices for the options, which are often called, the model prices, rather than the true prices. The model prices differ substantially from the options market prices. Thus, we employ Whalley and Wilmott's and Mohamed's result to illustrate the adjustment and the necessary correction for the BS model so that the flaws in the BS model and its limitations in the real world environment can be better understood by the Taiwan security firms and the Government Security Exchange Commission. In addition, we introduce the new theoretical foundation to illustrate how the BS model can be adjusted to enhance the real world operation efficiency and to reduce the Writers' risk , and hence to raise the profits.