An application‐oriented guide to R&D project selection and evaluation methods

Abstract

The purpose of this paper is to provide managers with a set of guidelines to help them to choose the project evaluation and selection model that best suits their business environments. To this end the authors have surveyed the literature of the subject and used contacts made in training workshops with Swiss industry. From this information the authors have identified five key issues — signposts that mark the route towards the appropriate project selection method. Once a sufficiency of project proposals has been identified — more than could be implemented with the resources available — then one takes into account successively how far the selection parameters can be quantified, how far one project interferes with or depends on the completion of another, whether a project has one or more than one objective, and the degree of acceptable risk. The procedure is presented in the form of a binary decision tree the various branches of which lead ultimately to twelve archetypal groups of methods. Each group is in principle suited to a practical situation represented by some combination of the key issues recognizable by a manager. The paper discusses the strengths, weaknesses, limitations and practicality of the methods falling into each group. It concludes with suggestions about how a framework could be extended and refined. Keywords: Research and Development, Project Selection.

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