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Published on January 15, 2009

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An Overview of best practice in R&D project portfolio management : An Overview of best practice in R&D project portfolio management Professor Ken Taylor University of Surrey United Kingdom 8 May 2003 Lisboa, Portugal Introduction : 8 May 2003 2 Introduction A review of best terrestrial practices in R&D portfolio management Utilising recent European benchmarking and studies. Assessed across diverse sectors Encompassing many countries Critical Factors : 8 May 2003 3 Critical Factors Project portfolio management is an inherently complex and difficult task. One size does not fit all. What is Portfolio management? : 8 May 2003 4 What is Portfolio management? Which projects? Resource allocation? When to expand? Portfolio Alignment and Balance : 8 May 2003 5 Portfolio Alignment and Balance Mission and vision known and understood Strategic business drivers identified Skilled multidisciplinary teams working together Superb process for monitoring and killing projects Capabilities data base must be up to date Technology transfer should be well defined Road mapping is essential for bringing everyone together Knowledge Management process must be in place Project portfolio must remain strategically balanced Portfolio Alignment Model : 8 May 2003 6 Portfolio Alignment Model The S-Curve of Business Life-cycle : 8 May 2003 7 The S-Curve of Business Life-cycle Balancing the Portfolio according to Strategy : 8 May 2003 8 Balancing the Portfolio according to Strategy Technology Monitoring Objectives : 8 May 2003 9 Technology Monitoring Objectives Identifying and assessing critical technological advances Detecting discontinuities Detecting new emerging technologies Portfolio Management Approaches in Practice : 8 May 2003 10 Portfolio Management Approaches in Practice Close links between the business functions involved in portfolio and project management. Excellent communication, regular training and post investment reviews. Selection of key decision-making tools. Roadmapping : 8 May 2003 11 Roadmapping Bubble Diagram : 8 May 2003 12 Bubble Diagram Time to market portfolio : 8 May 2003 13 Time to market portfolio The Stage Gate process : 8 May 2003 14 The Stage Gate process Simple Stage Gate Processes : 8 May 2003 15 Simple Stage Gate Processes Decision Tree : 8 May 2003 16 Decision Tree Attractiveness Capability Matrix : 8 May 2003 17 Attractiveness Capability Matrix Other Methodologies : 8 May 2003 18 Other Methodologies Other Methodologies cont… : 8 May 2003 19 Other Methodologies cont… Other Methodologies cont… : 8 May 2003 20 Other Methodologies cont… Final Recommendations : 8 May 2003 21 Final Recommendations The choice of tools is entirely dependent on the nature of your business Keep it simple and transparent Appendix - Bibliography : 8 May 2003 22 Appendix - Bibliography The Benchmarking Book, M.J.Spendolini, AMACOM, 1992 A Consensus on Best R&D Practices, D.L Ransley and J.L. Rogers, Research & Technology Management, Apr-May, 1994 Determining a Project’s Probability of Success, J.Davis, A.Fusfield, E.Scriven, G.Tritle, Research & Technology Management, May-June 2001, pp 51-57 The Invisible Success Factors in Product Innovation, Journal of Product Innovation Management, 16, 1999, pp. 115-133 Learning from the Future: Competitive Foresight Scenarios, edited by L.Fahey and R.M. Randall, Wiley. 1997 Appendix - Bibliography : 8 May 2003 23 Appendix - Bibliography New Problems, New Solutions: Making Portfolio Management More Effective, R.G.Cooper, S.J. Edgett and E.J. Kleinschmidt, Research and Technology Management, 43(2) 2000 Project Management Journal: http://www.pmi.org Portfolio Management for New Products: R.G.Cooper, E.J.Kleinschmidt, S.J.Edgett, Perseus Publishing 2001 Portfolio Management for New Product Development: Results of an Industries Practices Study, R.G Cooper, S.J.Edgett, E.J.Kleinschmidt, R&D Management, 31(4) 2001 Product Strategy for High Technology Companies: M.E.McGrath, McGraw-Hill Professional, 2000 Research Technology Management; http://www.iriinc.org Revolutionising Product development: Quantum Leaps in Speed, Efficiency and Quality, S.C.Wheelwright, K.B.Clarke, The Free Press, 1992 Third Generation R&D: Managing the link to Corporate Strategy, P.A.Roussel, K.N.Saad, T.J.Erickson, Harvard Business School Publishing, 1991 Underlined reading is recommended to give a complete overview of the current best practice Appendix - Bibliography : 8 May 2003 24 Appendix - Bibliography EIRMA The European Industrial Research Management Association brings together companies with common interests in technology-led innovation and the effective management of research and development and intellectual capital. Its aim is to foster and promote these activities, which are essential to continued competitiveness and economic well-being and to strengthening Europe’s position in technology and innovation. EIRMA’s special contribution comes through its international networks of skilled and professional managers and directors, extending across industry. EIRMA reports relevant to this study Reports are available for purchase by non-members of EIRMA Evaluating R&D Projects (WG47) Technology Roadmapping (WG52) Project Management in R&D (WG53) Technology Monitoring (WG55) Integrating Technology and Business Strategy (WH58) Core Competences and R&D (WS VII) Creativity and Innovativeness in R&D (WS IX) Researchers as Business People (WS X)

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