Team Project Report: Methodologies/ Selection Criteria for R&D Projects

Selection of right sets of projects with limited resources is considerably critical for organizations for the successful achievement of their corporate strategies and competitive advantages. Due to dynamic changes in business environment, advancement in technology and condensed product life cycle, companies need to place lots of effort to identify, select and maximize their R&D technologies/projects in order to meet the customer demands and develop a successful product.Failure to select the best R&D project can cause valuable resources to be spent on poor projects with little result. That’s why; selecting the best R&D project is a critical decision to the decision maker. The aim of this paper is to identify the criteria that company uses to evaluate and rank R&D projects based on priorities and to select the most appropriate R&D project among several competing projects