Abstract
Abstract Established enterprises have highly developed and broadly implemented practices for evaluation of projects that support ongoing operations. In contrast, managerial practices for evaluation of innovation projects that embody high uncertainty are often limited and less mature. This article illuminates and discusses the difference in evaluation processes/systems for two different categories of innovation projects: those that support or extend ongoing operations and that are marked by relatively low uncertainty (product/brand support, and derivative or incremental innovation); and those involving more than incremental change with respect to ongoing operations and that are marked by relatively high uncertainty on multiple dimensions (platform, radical, break through, discontinuous, or game‐changing innovation). The questions about project evaluation that are addressed include the following. (i) Why is project evaluation important? (ii) How should project evaluation be conducted? (iii) When should project evaluation occur? (iv) What criteria should be used for project evaluation? (v) Who should engage in project evaluation?
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