A method for the analysis, ranking and selection of R&D projects from a portfolio is outlined and demonstrated. It is proposed that an objective multi-criteria decision making method, Data Envelopment Analysis (DEA), be used to split a portfolio of projects into accept, consider further and reject subgroups. Next, the`consider further' group is examined using a subjective method, the Value Creation Model. Such an approach allows for obvious decisions to be automated and complex decisions to be given careful consideration, an approach that is more consistent with how practising managers actually make selectareject decisions. DEA allows for comparison of variables without requiring weights or conversion factors. The relation between research strategy and consideration of categorical data is considered in relation to the research portfolio of the Advanced Technology Division of Bell Laboratories.

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