A new approach for selecting portfolio of new product development projects

Authors:
Chiu-Chi Wei;Houn-Wen Chang
Affiliations:
Department of Industrial Engineering and System Management, Chung-Hua University, Taiwan;Institute of Technology Management, Chung-Hua University, Taiwan
Venue:
Expert Systems with Applications: An International Journal
Year:
2011

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Abstract

The most decisive factor that survives enterprises under stiff competition is the development of new product (NPD), and when entering the product development stage after the fuzzy front end, a best project portfolio should be finalized in order to potentially create expected revenue and competitive advantage. However, even it reaches the end of the fuzzy front stage; the NPD project is still significantly involved with uncertainties, complexities and fuzziness. To assist R&D managers making decision in this environment, this study proposes a new approach which combines fuzzy set theory and multi-criteria group decision making method into a NPD project portfolio selection model. This model takes into account project performance, project delivery and project risk, and formulates the selection decision of NPD project portfolio as a fuzzy linear programming problem. The illustrative example shows that the model proposed can generate projects with the highest success rate under limited resources and manpower.