Title: The use of fuzzy logic and expert judgment in the R&D project portfolio selection process

Authors: Sarah Riddell, William A. Wallace

Addresses: Department of Decision Sciences and Engineering Systems, Rensselaer Polytechnic Institute, 110 8th Street, Troy, NY, 12180, USA. ' Department of Decision Sciences and Engineering Systems, Rensselaer Polytechnic Institute, 110 8th Street, Troy, NY, 12180, USA

Abstract: New technologies emerge every day in response to a variety of needs. In research and development (R&D) project portfolio selection, the agencies responsible for budget allocation must make the crucial decision of which projects to fund. A quantitative, objective decision-making process necessarily avoids internal strife amongst decision-makers and contributes to a more unbiased process. This paper proposes a new decision aid that integrates fuzzy logic and expert judgment into non-crisp decision-making criteria for the R&D project portfolio selection process thereby reducing the number of solutions under consideration. Managers| preferences and knowledge are incorporated into the process using a fuzzy rule based aggregation procedure. This technique provides an alternative to clustering in choosing amongst non-dominated solutions. The methodology is illustrated through a case study, determining funding levels for R&D projects for the particular example of the nuclear emergency safety team (NEST).

Keywords: project portfolio selection; fuzzy logic; resource allocation; expert judgment; R&D projects; research and development; budget allocation; decision making; nuclear emergency safety teams; nuclear safety.

DOI: 10.1504/IJTM.2011.038592

International Journal of Technology Management, 2011 Vol.53 No.2/3/4, pp.238 - 256

Published online: 06 Apr 2013 *

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