Multiple criteria R&D project selection and scheduling using fuzzy logic

An alternative approach is presented which uses fuzzy logic within a standard beam search approach to evaluate a single objective function that reflects the multiple objectives of the R&D project selection problem.

Abstract

Research on R&D project selection has recently focused on multiple criteria modeling of R&D portfolios. These models include mathematical programming models, decision theory models and scoring models. Each of these model types has proven to be effective in a limited sense, but very few address project scheduling in conjunction with other, more traditional project selection goals. In this paper, an alternative approach is presented which uses fuzzy logic within a standard beam search approach to evaluate a single objective function that reflects the multiple objectives of the R&D project selection problem. These objectives include tradiational R&D objectives such as expected profit and portfolio of success, as well as project scheduling. The model uses a heuristic approach to project scheduling. The methodology is illustrated using an example problem that reflects a realistic R&D problem in terms of problem size, goals, objectives, and constraints. A benchmark study was also conducted to access the computational effectiveness of the proposed approach.