Industrial R&D Project Portfolio Selection Method using a Multi-Objective Optimization Program – a Conceptual Quantitative Framework

Mads Kjærgaard Nielsen, Anders Mandal Struve Øeer Jakobsen, Mathilde Toft Nielsen, Jeppe Lykke Carstensen, Torben Tambo

Publikation: Bidrag til tidsskrift/Konferencebidrag i tidsskrift /Bidrag til avisTidsskriftartikelForskningpeer review

1 Citationer (Scopus)

Abstract

Purpose: Industrial R&D Project Portfolio Selection Method using a Multi-Objective Optimization Program – a Conceptual Quantitative Framework.
Design/methodology/approach: Research and development (R&D) activities are crucial if companies are to adapt to technology changes, but budget constraints and limited resources often force companies to select a subset of candidate projects through portfolio selection methods. However, existing models for R&D portfolio selection do not adequately consider interdependencies and types of projects, and this can lead to suboptimal selection and misalignment with corporate objectives.
Findings: A Multi-Objective Optimisation Program (MOOP) is suggested transcending from classic manpower, time, and financial planning into addition of strategic, skills and commercial objectives. A Pareto front is used as validation mechanism.
Research limitations/implications: Project selection processes are widened with select and critical quantitative positions. Potentials remain in areas of team capability, corporate capabilities, deeper skill understanding, and stakeholder engagement.
Practical implications: A quantitative validation is often overlooked in PPM project selection over more qualitative or idiosyncratic selection methods.
Originality/value: A quantitative validation is often overlooked in PPM project selection over more qualitative or idiosyncratic selection methods.
OriginalsprogEngelsk
TidsskriftJournal of Industrial Engineering and Management
Vol/bind17
Nummer1
Sider (fra-til)217-234
Antal sider18
ISSN2013-8423
DOI
StatusUdgivet - 19 mar. 2024

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