Development of a Model for R&D Project Portfolio Selection in LCSI Enterprises

All Organization face with important issues like objectives, constraints, priorities, policies, opportunities and threats that should be considered in all the key decisions. One of the most important and difficult decisions in organizations, is the project portfolio selection. Companies with high technical capablities and financial resources are often limited in running a set of projects that are competing to attract these scarce resources under the same management,. In today's changing world, survival and continued growth of successful companies depends on developing and manufacturing new products and services; as a result, Project Portfolio Selection(sepecially R&D Projects) is critical and necessary for the survival of its business of enterprises. The main problems in the R&D Portfolio selection process can be found in the large number of qualitative and quantitative goals that are often incompatible, projects interdependency, the inconsistency in the amount of resources available and in use, experience and preferences of managers and decision makers to balance the risk and the timing of projects and the delivery time, etc. In this article a conceptual model with the disctinction of taking the integration of knowledge and intellectual capital into account is presented. TOPSIS method is used to obtain final ranking of R&D Projects. For verifying the proposed model a case study is performed to select the best R&D Project Portfolio for an International LCSI in Iran. The results of the case study that satisfactorily validates the outcome of the model is presented.