Applying technology road‐maps in project selection and planning

Abstract

PurposeThe purpose of this paper is to show that existing project portfolio management methods have failed to take firms' long‐term strategies into account. To overcome this limitation, it is proposed to suggest technology road‐maps (TRMs) as a tool to assist with project selection and planning.Design/methodology/approachBased on bibliographic and qualitative analysis, the paper develops a systematic process of building TRMs for project portfolio management. The proposed process was applied to the project selection and planning process of a Korean government R&D program.FindingsThe paper finds that the suggested process can support strategic planning by assuring that an organization is implementing the right projects at the right time. During this process, the selection of experts, the flexibility of the process, the periodical updating of the TRM, and TRM standardization are regarded as critical issues for high‐quality technology road‐mapping.Research limitations/implicationsThe approach in the paper does not deal with the cost and profitability aspects of a project as part of its evaluation, nor does it consider complex relations between technologies in different projects.Practical implicationsThe findings in the paper are expected to be helpful in establishing R&D strategy and setting priorities among projects, and in fostering coordination in project implementation.Originality/valueThis paper is one of the earliest attempts to systemize TRM methods specifically for project portfolio management, and is expected to make it easier for companies to adopt and apply TRMs effectively.