Abstract
Innovation is the way of transforming the resources of a company through the creativity of people into new resources and wealth. Innovation investments are essential instruments in a company’s competitive productivity and profitability strategy. Evaluation of innovation investments is a multicriteria decision making problem with many conflicting tangible and intangible criteria. Vague nature of this evaluation requires a fuzzy multicriteria methodology. In this paper we propose a fuzzy multicriteria method to evaluate technological innovation investments using eight different criteria. Fuzzy TOPSIS method is used in this evaluation and a sensitivity analysis is given.
Highlights
For any organization, innovation represents the opportunity to grow and survive and the opportunity to significantly influence the direction of the industry
This paper aims at comparing technological innovation investments using fuzzy TOPSIS
We will consider the following criteria for the evaluation of technological innovation investments (Science and Innovation Investment Framework 2004). These seven criteria are used for the ranking of six technological innovation investment alternatives based on fuzzy TOPSIS
Summary
Innovation represents the opportunity to grow and survive and the opportunity to significantly influence the direction of the industry. Innovation can be defined as the application of new ideas to the products, processes, or other aspects of the activities of a firm that lead to increased value. Research and innovation are keys to achieving economic growth and increased overall welfare. Innovation is the successful exploitation of ideas and it reflects the ability of firms, government and the research base to bring together knowledge, ideas, skills and market awareness into new products or processes that better meet consumer and societal needs, and so result in economic impacts. A critical component of many firms’ investment policies is a strategy for the adoption of technological innovations. Firms follow different strategies: some adopt new technologies when they are first available while others postpone the adoption decision
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