Abstract
OVERVIEW:The development of new technology has an inherent unpredictability that has kept it outside the domain of conventional approaches to project management. However, with today's dichotomy of an increasing need for differentiation as a means of sustaining earnings growth in the face of generally decreasing technical resources, a new management process is needed for conducting effective discovery-oriented industrial research. The basic principles of an options approach to investments align well with the essential characteristics of new technology development and its highly uncertain outcomes. An options model is presented that integrates both technical and business elements and provides a basis for rational decisions on programs and their likelihood of success. Keys to its success include a new methodology for measuring progress in this knowledge-building type of research and metrics for assigning valuation to new technology programs that lie far from product development status.
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