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A Methodology for Research Project Selection
Adrien Presley Division of Business and Accountancy Truman State University 100 East Normal Kirksville, MO 63501 Donald Liles Automation & Robotics Research Institute The University of Texas at Arlington 7300 Jack Newell Boulevard South Fort Worth, TX 76118
Abstract
This paper presents a methodology for the identification of benefits for technology research and development projects. It specifically addresses projects involving new process technologies. It focuses on identifying and presenting both financial and strategic benefits of the project in an integrated manner. It uses a proven multi-attribute justification tool and frames it within a larger structured methodology for designing and planning the benefits measurement process through experiments and pilot implementations. The methodology supports the comparison of dissimilar projects having different strategic benefits. Finally, it acts as tool to aid the technologist in identifying and presenting the benefits of his technology. Keywords Project Selection, Multi-Attribute Decision Making, Management of Technology
1. Introduction
The selection of research and development projects to be funded from a portfolio of projects is a common problem in many organizations. Internal and external funding agencies require information about the linkages of the projects to the financial and strategic goals of the agencies and the firm. A major difficulty in the R&D project selection problem is that there are often multiple objectives that must be considered. These objectives include financial measures such as Net Present Value and Internal Rate of Return as well as qualitative measures. When looking at several possible projects, the projects will often impact different measures. These measures must somehow be combined to provide a consistent means to compare projects. Several other factors complicate the problem. R&D projects are often initiated and championed in a...
Adrien Presley Division of Business and Accountancy Truman State University 100 East Normal Kirksville, MO 63501 Donald Liles Automation & Robotics Research Institute The University of Texas at Arlington 7300 Jack Newell Boulevard South Fort Worth, TX 76118
Abstract
This paper presents a methodology for the identification of benefits for technology research and development projects. It specifically addresses projects involving new process technologies. It focuses on identifying and presenting both financial and strategic benefits of the project in an integrated manner. It uses a proven multi-attribute justification tool and frames it within a larger structured methodology for designing and planning the benefits measurement process through experiments and pilot implementations. The methodology supports the comparison of dissimilar projects having different strategic benefits. Finally, it acts as tool to aid the technologist in identifying and presenting the benefits of his technology. Keywords Project Selection, Multi-Attribute Decision Making, Management of Technology
1. Introduction
The selection of research and development projects to be funded from a portfolio of projects is a common problem in many organizations. Internal and external funding agencies require information about the linkages of the projects to the financial and strategic goals of the agencies and the firm. A major difficulty in the R&D project selection problem is that there are often multiple objectives that must be considered. These objectives include financial measures such as Net Present Value and Internal Rate of Return as well as qualitative measures. When looking at several possible projects, the projects will often impact different measures. These measures must somehow be combined to provide a consistent means to compare projects. Several other factors complicate the problem. R&D projects are often initiated and championed in a...