Research and development in telecommunications is increasingly conducted through target-oriented projects. Project management systems and tools have been implemented to improve efficiency and general manageability of activities. In a dynamic business environment, however, the biggest challenge is in deciding what to do, in addition to how. Project management discipline has recently expanded its scope towards multi-project management, frequently referred to as project portfolio management. Since projects in the same organization compete for the same resources, they together should be steered to fulfill strategic business objectives.Project portfolio management is about managing the entire set or subset of projects towards strategic objectives. During the past decade, project portfolio management literature has introduced tools and frameworks for steering R&D project portfolios effectively towards business goals. These methods are no longer merely about rational and numerical decision making, but more about skilled, multi-disciplinary criteria, evaluation and strategy-driven choices.Due to the contingent nature of human decision-making, it is likely that project portfolio management should be different at the different stages of R&D: research, technology development, and product development. Such research has not been reported earlier.