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An Overview of best practice in R&D project portfolio management

An Overview of best practice in R&D project portfolio management. Professor Ken Taylor University of Surrey United Kingdom. 8 May 2003 Lisboa, Portugal. Introduction. A review of best terrestrial practices in R&D portfolio management Utilising recent European benchmarking and studies.

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An Overview of best practice in R&D project portfolio management

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  1. An Overview of best practice in R&D project portfolio management Professor Ken Taylor University of Surrey United Kingdom 8 May 2003 Lisboa, Portugal

  2. Introduction • A review of best terrestrial practices in R&D portfolio management • Utilising recent European benchmarking and studies. • Assessed across diverse sectors • Encompassing many countries

  3. Critical Factors • Project portfolio management is an inherently complex and difficult task. • One size does not fit all.

  4. What is Portfolio management? • Which projects? • Resource allocation? • When to expand?

  5. Portfolio Alignment and Balance • Mission and vision known and understood • Strategic business drivers identified • Skilled multidisciplinary teams working together • Superb process for monitoring and killing projects • Capabilities data base must be up to date • Technology transfer should be well defined • Road mapping is essential for bringing everyone together • Knowledge Management process must be in place • Project portfolio must remain strategically balanced

  6. Portfolio Alignment Model

  7. The S-Curve of Business Life-cycle

  8. Balancing the Portfolio according to Strategy

  9. Technology Monitoring Objectives • Identifying and assessing critical technological advances • Detecting discontinuities • Detecting new emerging technologies

  10. Portfolio Management Approaches in Practice • Close links between the business functions involved in portfolio and project management. • Excellent communication, regular training and post investment reviews. • Selection of key decision-making tools.

  11. Roadmapping

  12. Bubble Diagram

  13. Time to market portfolio

  14. The Stage Gate process

  15. Simple Stage Gate Processes

  16. Decision Tree

  17. Attractiveness Capability Matrix

  18. Other Methodologies

  19. Other Methodologies cont…

  20. Other Methodologies cont…

  21. Final Recommendations • The choice of tools is entirely dependent on the nature of your business • Keep it simple and transparent

  22. Appendix - Bibliography • The Benchmarking Book, M.J.Spendolini, AMACOM, 1992 • A Consensus on Best R&D Practices, D.L Ransley and J.L. Rogers, Research & Technology Management, Apr-May, 1994 • Determining a Project’s Probability of Success, J.Davis, A.Fusfield, E.Scriven, G.Tritle, Research & Technology Management, May-June 2001, pp 51-57 • The Invisible Success Factors in Product Innovation, Journal of Product Innovation Management, 16, 1999, pp. 115-133 • Learning from the Future: Competitive Foresight Scenarios, edited by L.Fahey and R.M. Randall, Wiley. 1997

  23. Appendix - Bibliography • New Problems, New Solutions: Making Portfolio Management More Effective, R.G.Cooper, S.J. Edgett and E.J. Kleinschmidt, Research and Technology Management, 43(2) 2000 • Project Management Journal: http://www.pmi.org • Portfolio Management for New Products: R.G.Cooper, E.J.Kleinschmidt, S.J.Edgett, Perseus Publishing 2001 • Portfolio Management for New Product Development: Results of an Industries Practices Study, R.G Cooper, S.J.Edgett, E.J.Kleinschmidt, R&D Management, 31(4) 2001 • Product Strategy for High Technology Companies: M.E.McGrath, McGraw-Hill Professional, 2000 • Research Technology Management; http://www.iriinc.org • Revolutionising Product development: Quantum Leaps in Speed, Efficiency and Quality, S.C.Wheelwright, K.B.Clarke, The Free Press, 1992 • Third Generation R&D: Managing the link to Corporate Strategy, P.A.Roussel, K.N.Saad, T.J.Erickson, Harvard Business School Publishing, 1991 • Underlined reading is recommended to give a complete overview of the current best practice

  24. Appendix - Bibliography • EIRMA • The European Industrial Research Management Association brings together companies with common interests in technology-led innovation and the effective management of research and development and intellectual capital. Its aim is to foster and promote these activities, which are essential to continued competitiveness and economic well-being and to strengthening Europe’s position in technology and innovation. EIRMA’s special contribution comes through its international networks of skilled and professional managers and directors, extending across industry. • EIRMA reports relevant to this study Reports are available for purchase by non-members of EIRMA • Evaluating R&D Projects (WG47) • Technology Roadmapping (WG52) • Project Management in R&D (WG53) • Technology Monitoring (WG55) • Integrating Technology and Business Strategy (WH58) • Core Competences and R&D (WS VII) • Creativity and Innovativeness in R&D (WS IX) • Researchers as Business People (WS X)

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