Selecting R&D projects for technology-based innovation: An application of the core model approach

To optimize the use of knowledge when selecting R&D projects for technology-based innovation, all possible techniques - whether based on mathematical programming, or behavior, organization and information, or strategic consistency and integration - should be considered. We present a readily operationalized and flexible approach to this task, under which different project selection techniques are rendered comparable with reference to the normative methodology in economics and relevance to a core-model description of the real world in any application.