Evaluation of R&D and Innovation Projects Using Analytical Network Process
Abstract
In a fierce competitive environment, companies have turned to R&D and innovation projects in order to survive with higher profits. However, under rapidly changing economic conditions, it is necessary to make the right decisions about the selection and investment of the most suitable R&D and innovation projects in a way to maximize / minimize the benefit / cost criteria with limited financial resources. Because choosing the right project is critical to the success of the organization. In addition, the mistake to be made in the selection will cause the resources to be spent on unsuitable projects, and therefore, insufficient resources for projects that will provide more benefits for the organization. Therefore, using multi-criteria decision-making methods for evaluating R&D and innovation projects, which contain many uncertainties and criteria, and selecting the most suitable project, will ensure that the right decisions are made. Therefore, using multi-criteria decision-making methods for the evaluation and selection of R&D and innovation projects, which contain many uncertainties and criteria, will ensure that the right decisions are made.
In this study, first a comprehensive literature review is presented on the selection of R&D and innovation projects. Then Analytical Network Process (ANP) method, which is one of the multi-criteria decision-making methods, which takes into account the interaction between criteria in the evaluation phase, is used to evaluate the R&D and innovation projects in a company's project portfolio and to solve the problem of choosing the most suitable project. As a result of the evaluations made according to the network model created by the Super Decisions 2.10 program, product differentiation, benefit to customer, impact on market growth and technical challenge are determined as the most important criteria and the best R&D and innovation project is chosen.
References
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