Worldwide competition of markets has forced organizations to invest in targeted R&D projects so that resources can be focussed on successful outcomes. A number of alternatives are encountered to select the most appropriate projects in R&D project selection model. In order to maintain technical/risk/resource/benefit competitiveness, the decision-maker assigns limited amount of assets to a set of competing projects. Interdependencies between applicant projects have great impact on the project outcome. But very little effects are noticed to involve them while modelling the problem. In this paper, we have considered outcome, technical, resource and risk interdependencies to develop a bi-objective non-linear R&D project portfolio selection model under the constraints on resources, budget, interdependencies and outcome, and discuss how our methodology can be used to make decision support tools for optimal R&D project selection in a corporate environment. The objectives are minimization of risk and maximization of benefit. Suitable numerical results are provided to illustrate our method. The solution is done by using fuzzy additive goal programming technique.
R&D project portfolio, Project interdependencies, Multi-objective optimization, Fuzzy additive goal programming, 97M40
