R & D project selection models: An assessment

TLDR: The existing normative R&D benefit measurement and project selection literature is assessed and the limitations inherent in the proposed models are determined.

Abstract: The R&D project selection decision is described as a process by which an intermittent stream of changes are made to lists of currently active and proposed projects It includes generating alternatives, determining when a decision is required, collecting data, specifying constraints and criteria, and recycling The decision is viewed as imbedded within a hierarchical, diffuse budgeting and planning process Process characteristics such as multiple criteria whose relative importance varies over time, inherent uncertainty and parameter interrelationships result in a highly complex decision problem The existing normative R&D benefit measurement and project selection literature is assessed and the limitations inherent in the proposed models are determined A number of research opportunities are identified for both methodological and empirical studies