A fuzzy approach to R&amp;D project portfolio selection

Carlsson, Christer; Fuller, Robert C.; Heikkilä, Markku; Majlender, Péter

doi:10.1016/j.ijar.2006.07.003

Cited by 194 publications

(92 citation statements)

References 12 publications

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“…Fuzzy logic therefore enables effective and efficient quantification of imprecise information in the reasoning process, and decision-making based on vague and incomplete data (Machacha and Bhattacharya 2000). In recent decades, to reduce complexity, ambiguity, and uncertainty, numerous fuzzy analysis and decision tools have been developed to assist managers in making more satisfactory NPD screening decisions (Coffin and Taylor 1996;Machacha and Bhattacharya 2000;Kuchta 2001;Lin and Chen 2004;Lin and Hsieh 2004;Chen et al 2006;Carlsson and Fuller 2007;Wang and Hwang 2007). For example, Coffin and Taylor (1996) and Machacha and Bhattacharya (2000) applied fuzzy logic to both software products and R&D project selection.…”

Section: Literature Reviewmentioning

confidence: 99%

A Linguistic Approach to Measuring the Attractiveness of New Products in Portfolio Selection

Lin

Yang

2014

Group Decis Negot

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To gain a competitive edge, companies must continually invest in new product development (NPD), and must decide how to strategically allocate limited resources. The most critical NPD activity is the accurate assessment of the attractiveness of new products, simultaneously considering favorable factors (project value and strategic fit) and unfavorable factors (project risks), especially in robust companies in developing countries. In the NPD development process, the attractiveness of products is often evaluated using information that is imprecise or ambiguous. Fuzzy logic is well-suited to inform NPD decision-making. Thus, a comprehensive method considering both favorable and unfavorable factors, and using a fuzzy weighted average to devise a fuzzy possible-attractiveness rating (FPAR) of an NPD project for portfolio selection, is proposed in this paper. FPAR is a measurement of information, which is able to retain the multiplicity of that information. The proposed evaluation technique was demonstrated using a Taiwanese company as an example. The results indicated that this method provided an accurate assessment of overall product attractiveness, necessary for obtaining organizational buy-in, and can effectively aid managers to conduct sensitive analyses, balance the impact of changes in strategy, and receive quick feedback on the results of such changes.

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Section: Literature Reviewmentioning

confidence: 99%

A Linguistic Approach to Measuring the Attractiveness of New Products in Portfolio Selection

Lin

Yang

2014

Group Decis Negot

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“…Next, we use the approach proposed by Carlsson et al (2007) to determine the expected value and the variance of the non-dominated e-SCM frameworks as follows:…”

Section: Process 24: the Development Of The Fuzzy Real Option Value mentioning

confidence: 99%

A fuzzy group Electre method for electronic supply chain management framework selection

Zandi

Tavana

Martin

2011

International Journal of Logistics Research and Applications

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The rapid growth of the Internet and electronic commerce has given rise to electronic supply chain management (e-SCM) which enhances communication, coordination, and collaboration between the trading partners. However, when confronted by the range of e-SCM frameworks, organisations struggle to identify the one most appropriate to their needs. In this paper, we propose a novel fuzzy group multi-criteria method for e-SCM framework evaluation and selection. The contribution of the proposed method is fourfold: (1) it addresses the gaps in the SCM literature on the effective and efficient assessment of the e-SCM frameworks; (2) it is grounded in the excellence model introduced by the European Foundation for Quality Management; (3) it provides a comprehensive and systematic framework that combines real options analysis and the analytic hierarchy process with a group Electre method; and (4) it considers fuzzy logic and fuzzy sets to represent ambiguous, uncertain, or imprecise information. We also present the results of a real-world case study to demonstrate the applicability of the proposed framework and exhibit the efficacy of the procedures and the algorithms. We show that the proposed framework can help a group of decision makers to think systematically by decomposing the alternative evaluation process into manageable steps and integrating the results to arrive at a solution consistent with managerial goals and objectives. The analysis of this case study allows for the articulation of a series of key factors that can be considered important in contributing to the successful implementation of the e-SCM framework. The first element is getting the key people on board. The second factor is building internal alliances. The third key ingredient is the persistent and systematic process put in place to evaluate the e-SCM success.

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“…Among numeric selection methods, one can mention financial methods upon which one assesses the expected economic value of projects, for example, as a payback period or a net present value, two methods that require accurate costs [19] and income forecasts. More sophisticated approaches combine Delphi, analytic network process and goal programming methods [20]; others bring together expected economic outcomes with risk exposure to offer a portfolio approach to project selection [21]; yet others rely on fuzzy set mathematics to process uncertain information [22,23]. Other numeric selection methods are the scoring methods upon which projects are given a weighted score according to a pre-defined set of criteria.…”

Section: Project Selectionmentioning

confidence: 99%

The moral responsibility of project selectors

Corvellec

Macheridis

2010

International Journal of Project Management

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The starting point of this paper asserts that managers who elicit and select projects have a moral responsibility. Correspondingly, its purpose is to provide a means for project selectors to appreciate this responsibility so that it can be put into practice. A model of the moral responsibility involved in project selection is presented. This model combines a) an explication of responsibility into attributability-what choices the project manager can ultimately be praised or blamed for, and accountability-the necessity of being prepared to answer for one's choices; with b) an explication of the project selection process into an initialisation phase, an appraisal phase, and a decision phase. Various moral philosophers are called upon to make explicit the moral issues that are at stake for each of these two dimensions of responsibility at each stage of the project selection process. Concluding remarks point to the need for project selectors to contextualise their use of the model.

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A fuzzy approach to R&D project portfolio selection

Cited by 194 publications

References 12 publications

A Linguistic Approach to Measuring the Attractiveness of New Products in Portfolio Selection

A Linguistic Approach to Measuring the Attractiveness of New Products in Portfolio Selection

A fuzzy group Electre method for electronic supply chain management framework selection

The moral responsibility of project selectors

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