Abstract
The issue of assessing technology for business application remains a foremost concern for managers in industry. Many managers know that there is something unsatisfactory about the standard use of Discounted Cash Flow (DCF) techniques, particularly when there is high uncertainty and a need for strategic flexibility. However, whatever the lack of hard data, it is also unsettling to rely on pure 'gut feel'. It is proposed that a time-based view of valuation, built on technological maturity concepts, can assist in the assessment of technology development projects. The paper draws on interviews in UK telecommunications, aerospace and pharmaceutical companies.
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