Title :
R&D managers´ choices of development policies in simulated R&D environments
Author_Institution :
Purdue Univ., Lafayette, IN, USA
Abstract :
This paper describes the results of some experiments, based on a research and development (R&D) game that examined R&D managers´ proclivities for various options that hedge against uncertainty and the overall quality of their choices with respect to the Bayesian decision-theoretic model. Thirty R&D managers participated in the experiments, which were conducted at an industrial R&D facility. R&D managers exhibited a higher proclivity for parallel approaches in information acquisition but a lower propensity for parallel approaches in terminal actions, with respect to the Bayesian norm.
Keywords :
research and development management; simulation; Bayesian model; decision theory; development policies; information acquisition; parallel approaches; research and development managers; simulated environments; terminal actions; Bayesian methods; Decision making; Decision theory; Games; Information processing; Process control; Uncertainty;
Journal_Title :
Engineering Management, IEEE Transactions on
DOI :
10.1109/TEM.1972.6448366
