Abstract
High-tech companies are rapidly growing in the world. Research and development (hereafter R&D) department strength is the main asset that allows a firm to achieve a competitive advantage in high-tech businesses. The allocated budget to this sector is finite; thus, integration, human resource, risk and budget limitations should be considered to choose the most valuable project in the best portion of time. This paper investigates a case study from a high-tech company in Iran to prioritize the most attractive technologies for the R&D department. The case consists of twenty three technology options and the goal is to find the most attractive projects to sort them out for implementation in the R&D department. In this research, scholars proposed the best–worst method (henceforth BWM) to find the weight of the criteria of the attractive technologies in first step and utilize the newly developed method total area based on orthogonal vectors (henceforward TAOV) to sort the selected technologies based upon the identified criteria. Project integration is one of the least-noticed subjects in scientific papers; therefore, the researchers presented a zero or one linear programming (ZOLP) model to optimize and schedule the implementation procedure on the project risk, budget and time limitation simultaneously. The results indicate that starting few but attractive projects in the first years and postponing the rest to the future, helps a firm to manage funds and gain profit with the least amount of risk.
Highlights
Technology is defined as theoretical and practical knowledge, skills and artifacts exploited to develop products, production and delivery systems [1]
Due to the great influence of technology capability on the achievement of a firm’s competitive advantage [2] and the growth of industrial and academic interest in how to manage technology more effectively [3], studies on this issue have increased through recent years and researchers interpret technology as a strategic phenomenon [4]
Project integration and budget considerations are simultaneously two of the most important aspects that managers need to plan in R&D departments
Summary
Technology is defined as theoretical and practical knowledge, skills and artifacts exploited to develop products, production and delivery systems [1]. Management of technology (hereafter MOT), as a management system, concerns planning, directing, controlling and coordinating technological capabilities and comprises five main processes/functions, namely identification, selection, acquisition, protection and exploitation [5]. Due to their large effect on firm competitiveness and the considerable cost and risk imposed on the company, some MOT processes are challenging. In such cases, technology selection ( TS). Linking strategy to technology has been an issue in recent years, due to a novel model developed by Technologies 2018, 6, 34; doi:10.3390/technologies6010034 www.mdpi.com/journal/technologies
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