An interactive approach for selecting IR&D projects

The authors present a strategy for systematically allocating resources to competing independent research and development (IR&D) projects in a company building systems for the US Department of Defense. The approach is less mathematically complex than many techniques reported in the literature, utilizing the judgement of key business and technical elements in the organization. The authors first give a taxonomy characterizing various approaches and briefly review R&D selection methods reported in literature. Then they describe an interactive process that they have developed for selecting IR&D projects which, rather than substituting complex calculations for good technical and material judgement, facilitates better utilization of the expertise of various organizational elements within the context of corporate strategic planning. Procedures are included for idea submittal and evaluation. Experiences are discussed obtained during the application of the process to a corporation with multiple business units