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.
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.
| Original language | English |
|---|---|
| Journal | Journal of Industrial Engineering and Management |
| Volume | 17 |
| Issue | 1 |
| Pages (from-to) | 217-234 |
| Number of pages | 18 |
| ISSN | 2013-8423 |
| DOIs | |
| Publication status | Published - 19 Mar 2024 |
Keywords
- R&D project portfolio selection
- Project portfolio management
- Portfolio value
- Strategic orientation
- multi-objective optimization
- portfolio value
- project portfolio management
- strategic orientation