A new strategic approach for R&D project portfolio selection using efficiency-uncertainty maps

M. Namazi, M. Tavana, E. Mohammadi, A. Bonyadi Naeini, Benchmarking: An International Journal 30 (2023) 4193–4220.

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Journal Article | Published | English
Author
Namazi, Mehdi; Tavana, MadjidLibreCat; Mohammadi, Emran; Bonyadi Naeini, Ali
Abstract
<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>New business practices and the globalization of markets force firms to take innovation as the fundamental pillar of their competitive strategy. Research and Development (R&amp;D) plays a vital role in innovation. As technology advances and product life cycles become shorter, firms rely on R&amp;D as a strategy to invigorate innovation. R&amp;D project portfolio selection is a complex and challenging task. Despite the management's efforts to implement the best project portfolio selection practices, many projects continue to fail or miss their target. The problem is that selecting R&amp;D projects requires a deep understanding of strategic vision and technical capabilities. However, many decision-makers lack technological insight or strategic vision. This article aims to provide a method to capitalize on the expertise of R&amp;D professionals to assist managers in making informed and effective decisions. It also provides a framework for aligning the portfolio of R&amp;D projects with the organizational vision and mission.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>This article proposes a new strategic approach for R&amp;D project portfolio selection using efficiency-uncertainty maps.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>The proposed strategy plane helps decision-makers align R&amp;D project portfolios with their strategies to combine a strategic view and numerical analysis in this research. The proposed strategy plane consists of four areas: Exploitation Zone, Challenge Zone, Desperation Zone and Discretion Zone. Mapping the project into this strategic plane would help decision-makers align their project portfolio according to the corporate perspectives.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>The new approach combines the efficiency and uncertainty dimensions in portfolio selection into an integrated framework that: (i) provides a complete representation of the stochastic decision-making processes, (ii) models the endogenous uncertainty inherent in the project selection process and (iii) proposes a computationally practical and visually unique solution procedure for classifying desirable and undesirable R&amp;D projects.</jats:p></jats:sec>
Publishing Year
Journal Title
Benchmarking: An International Journal
Volume
30
Issue
10
Page
4193-4220
ISSN
LibreCat-ID

Cite this

Namazi M, Tavana M, Mohammadi E, Bonyadi Naeini A. A new strategic approach for R&D project portfolio selection using efficiency-uncertainty maps. Benchmarking: An International Journal. 2023;30(10):4193-4220. doi:10.1108/bij-02-2022-0129
Namazi, M., Tavana, M., Mohammadi, E., & Bonyadi Naeini, A. (2023). A new strategic approach for R&D project portfolio selection using efficiency-uncertainty maps. Benchmarking: An International Journal, 30(10), 4193–4220. https://doi.org/10.1108/bij-02-2022-0129
@article{Namazi_Tavana_Mohammadi_Bonyadi Naeini_2023, title={A new strategic approach for R&D project portfolio selection using efficiency-uncertainty maps}, volume={30}, DOI={10.1108/bij-02-2022-0129}, number={10}, journal={Benchmarking: An International Journal}, publisher={Emerald}, author={Namazi, Mehdi and Tavana, Madjid and Mohammadi, Emran and Bonyadi Naeini, Ali}, year={2023}, pages={4193–4220} }
Namazi, Mehdi, Madjid Tavana, Emran Mohammadi, and Ali Bonyadi Naeini. “A New Strategic Approach for R&D Project Portfolio Selection Using Efficiency-Uncertainty Maps.” Benchmarking: An International Journal 30, no. 10 (2023): 4193–4220. https://doi.org/10.1108/bij-02-2022-0129.
M. Namazi, M. Tavana, E. Mohammadi, and A. Bonyadi Naeini, “A new strategic approach for R&D project portfolio selection using efficiency-uncertainty maps,” Benchmarking: An International Journal, vol. 30, no. 10, pp. 4193–4220, 2023, doi: 10.1108/bij-02-2022-0129.
Namazi, Mehdi, et al. “A New Strategic Approach for R&D Project Portfolio Selection Using Efficiency-Uncertainty Maps.” Benchmarking: An International Journal, vol. 30, no. 10, Emerald, 2023, pp. 4193–220, doi:10.1108/bij-02-2022-0129.

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