Managing the new product development project portfolio: A review of the literature and empirical evidence

Portland International Conference on Management of Engineering and Technology

Volumn , Issue , 2007, Pages 1864-1874

  Killen, Catherine P ^a   Hunt, Robert A ^b   Kleinschmidt, Elko J ^c  

^a UNIVERSITY OF TECHNOLOGY SYDNEY   (Australia)

^b MACQUARIE UNIVERSITY   (Australia)

^c MCMASTER UNIVERSITY   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

ADMINISTRATIVE DATA PROCESSING; FINANCE; FINANCIAL DATA PROCESSING; INNOVATION; INVESTMENTS; PRODUCT DEVELOPMENT; PROJECT MANAGEMENT; PULSE MODULATION; PULSE POSITION MODULATION; TECHNOLOGICAL FORECASTING; TECHNOLOGY;

BALANCE (WEIGHTING); COMPREHENSIVE REVIEW; CONVERGING TECHNOLOGIES; EMPIRICAL EVIDENCES; EMPIRICAL FINDINGS; EMPIRICAL LITERATURE; INNOVATION STRATEGIES; INTERNATIONAL (CO); NEW PRODUCT DEVELOPMENT (NPD); PORTLAND; PROJECT PORTFOLIO MANAGEMENT (PPM); PROJECT PORTFOLIOS; TECHNOLOGICAL INNOVATIONS; WIDE-RANGE;

MANAGEMENT;

EID: 47849095425     PISSN: None     EISSN: None     Source Type: Conference Proceeding    
DOI: 10.1109/PICMET.2007.4349514     Document Type: Conference Paper

References (126)

1. Adams, R., J. Bessant, and R. Phelps, "Innovation management measurement: A review". International Journal of Management Reviews, 2006. vol. 8(1), pp. 21-47.
2. Albright, R.E. and B. Nelson, "Chapter 15: Product and technology mapping tools for planning and portfolio decision making", in The PDMA toolbook 2 for new product development, P. Belliveau, A. Griffin, and S.M. Somermeyer, Editors. 2004, John Wiley & Sons, Inc.: Hoboken.
3. Ali, A., M.U. Kalwani, and D. Kovenock, "Selecting product development projects: Pioneering versus incremental innovation strategies". Management Science, 1993. vol. 39(3), pp. 255.
4. Andersen, E.S. and S.A. Jessen, "Project maturity in organizations". International Journal of Project Management, 2003. vol. 21(6), pp. 457-461.
5. Archer, N.P. and F. Ghasemzadeh, "An integrated framework for project portfolio selection". International Journal of Project Management, 1999. vol. 17(4), pp. 207-216.
6. Bard, J.F., R. Balachandra, and P.E. Kaufmann, "An interactive approach to R&D project selection and termination". Engineering Management, IEEE Transactions on, 1988. vol. 35(3), pp. 139-146.
7. Blomquist, T. and R. Muller, "Practices, roles, and responsibilities of middle managers in program and portfolio management". Project Management Journal, 2006. vol. 37(1), pp. 2-2.
8. Bordley, R., "Determining the appropriate depth and breadth of a firm's product portfolio". Journal of Marketing Research, 2003. vol. XL, pp. 39-53.
9. Bremser, W.G. and N.P. Barsky, "Utilizing the balanced scorecard for R&D performance measurement". R&D Management, 2004. vol. 34(3), pp. 229-238.
10. Brown, S.L. and K.M. Eisenhardt, "The art of continuous change: Linking complexity theory and time-paced evolution in relentlessly shifting organizations". Administrative Science Quarterly, 1997. vol. 42(1), pp. 1-34.
11. Brown, S.L and K.M. Eisenhardt, "Product development: Past research, present findings, and future directions". Academy of management review, 1995. vol. 20(2), pp. 343-378.
12. Bunch, P.R. and A.L. Schacht, "Modeling resource requirements for pharmaceutical R&D". Research Technology Management, 2002. vol. 45(1), pp. 48-56.
13. Camp, R.C., "Best practice benchmarking: The path to excellence". CMA Magazine, 1998. vol. 26(6), pp. 10-15.
14. Center for Business Practices, "Project portfolio management: A benchmark of current practices". 2005, Center for Business Practices: Haverstown, PA.
15. Chien, C.-F., "A portfolio-evaluation framework for selecting R&D projects". R and D Management, 2002. vol. 32(4), pp. 359-368.
16. Chiesa, V., P. Coughlan, and C.A. Voss, "Development of a technical innovation audit". Journal of Product Innovation Management, 1996. vol. 13(2), pp. 105-136.
17. Cleland, D.I., "The strategic context of projects", in Project portfolio management: Selecting and prioritizing projects for competitive advantage, L.D. Dye and J.S. Pennypacker, Editors. 1999, Center for Business Practices: Havertown PA.
18. Combe, M.W., "Project prioritization in a large functional organization", in Project portfolio management: Selecting and prioritizing projects for competitive advantage, L.D. Dye and J.S. Pennypacker, Editors. 1999, Center for Business Practices: Havertown PA. p. 363-369.
19. Coombs, R., A. McMeekin, and R. Pybus, "Toward the development of benchmarking tools for R&D project management". R&D Management, 1998. vol. 28(3), pp. 175-186.
20. Cooper, R.G., "Identifying industrial new product success: Project newprod". Industrial Marketing Management, 1979. vol. 8(2), pp. 124-135.
21. Cooper, R.G., "The newprod system: The industry experience". Journal of Product Innovation Management, 1992. vol. 9(2), pp. 113-127.
22. nd ed. 2005, New York: Basic Books, Perseus Books Group. 288.
23. Cooper, R.G. and S.J. Edgett, "Overcoming the crunch in resources for new product development". Research Technology Management, 2003. vol. 46(3), pp. 48.
24. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "Portfolio management in new product development: Lessons from the leaders-I". Research Technology Management, 1997. vol. 40(5), pp. 16.
25. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "Portfolio management in new product development: Lessons from the leaders-II". Research Technology Management, 1997. vol. 40(6), pp. 43.
26. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "Best practices for managing R&D portfolios". Research Technology Management, 1998. vol. 41(4), pp. 20.
27. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "New product. portfolio management: Practices and performance". Journal of Product Innovation Management, 1999. vol. 16(4), pp. 333-351.
28. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "New problems, new solutions: Making portfolio management more effective". Research Technology Management, 2000. vol. 43(2), pp. 18.
29. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, Portfolio management for new products. 2nd ed. 2001, Cambridge, Mass.: Perseus.
30. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "Optimizing the stage-gate process: What best-practice companies do-II". Research Technology Management, 2002. vol. 45(6), pp. 43.
31. Cooper, R.G., S.J. Edgett, and E.J. Kleinschmidt, "Benchmarking best NPD practices-II". Research Technology Management, 2004. vol. 47(3), pp. 50.
32. Cooper, R.G. and E.J. Kleinschmidt, "New products: What separates winners from losers?" Journal of Product Innovation Management, 1987. vol. 4(3), pp. 169-184.
33. Cormican, K. and D. O'Sullivan, "Auditing best practice for effective product innovation management". Technovation, 2004. vol. 24(10), pp. 819-829.
34. Crawford, L., "Developing organizational project management capability: Theory and practice". Project Management Journal, 2006. vol. 37(3), pp. 74-97.
35. Crawford, L., B. Hobbs, and J.R. Turner, "Aligning capability with strategy: Categorising projects to do the right project and to do them right". Project Management Journal, 2006. vol. 37(2), pp. 38-50.
36. Dawidson, O. "Project portfolio management at SCA, tissue AFH - process and tools", in 12th International Product Development Management Conference (EIASM). 2005. Copenhagen, Denmark.
37. De Maio, A., R. Verganti, and M. Corso, "A multi-project management framework for new product development". European Journal of Operational Research, 1994. vol. 78(2), pp. 178-191.
38. De Reyck, B., et al., "The impact of project portfolio management on information technology projects". International Journal of Project Management, 2005. vol. 23(7), pp. 524-537.
39. Dickinson, "Technology portfolio management ". IEEE Transactions on Engineering Management, 2001. vol. 48(4), pp. 518-527.
40. Dietrich, P., "Mechanisms for inter-project integration - empirical analysis in program context". Project Management Journal, 2006. vol. 37(3), pp. 49-61.
41. Ding, M. and J. Eliashberg, "Structuring the new product development pipeline". Management Science, 2002. vol. 48(3), pp. 343.
42. Dwyer, L. and R. Mellor, "Organizational environment, new product process activities, and project outcomes". Journal of Product Innovation Management, 1991. vol. 8(1), pp. 39-48.
43. Dye, L.D. and J.S. Pennypacker, eds. Project portfolio management: Selecting and prioritizing projects for competitive advantage. 1999, Center for Business Practices: Havertown, PA.
44. Dye, R., "Improving strategic planning: A McKinsey survey". McKinsey Quarterly, 2006. vol.(3).
45. EBSCO. "Business source premier database on EBSCO host ". 2006, accessed 20 March 2006: 〈www.search.epnet.com〉
46. Englund, R.L. and R.J. Graham, "From experience: Linking projects to strategy". Journal of Product Innovation Management, 1999. vol. 16(1), pp. 52-64.
47. Emst, H., "Success factors of new product development: A review of the empirical literature". International Journal of Management Reviews, 2002. vol. 4(1), pp. 1-40.
48. Farrukh, C., R. Phaal, D. Probert, M. Gregory, and J. Wright, "Developing a process for the relative valuation of R&D programmes". R and D Management, 2000. vol. 30(1), pp. 43-54.
49. Faulkner, T.W., "Applying 'options thinking' to R&D valuation". Research Technology Management, 1996. vol. 39(3), pp. 50.
50. Ghasemzadeh, F. and N.P. Archer, "Project portfolio selection through decision support". Decision Support Systems, 2000. vol. 29(1). pp. 73-88.
51. Graves, S.B., J.L. Ringuest, and R.H. Case, "Formulating optimal R&D portfolios". Research Technology Management, 2000. vol. 43(3), pp. 47.
52. Groenveld, P., "Roadmapping integrates business and technology". Research Technology Management, 1997. vol. 40(5), pp. 48.
53. Gustafsson, J. and A. Salo, "Contingent portfolio programming for the management of risky projects. " Operations Research, 2005. vol. 53(6), pp. 946-956.
54. Hall, D.L. and A. Nauda, "An interactive approach for selecting IR&D projects". IEEE Trans Eng Man, 1990. vol. 37(2), pp. 126-133.
55. Halman, J.I.M., A.P. Hofer, and W. van Vuuren, "Platform-driven development of product families: Linking theory with practice". Journal of Product Innovation Management, 2003. vol. 20(2), pp. 149-162.
56. Hart, S., E. Jan Hultink, N. Tzokas, and H.R. Commandeur, "Industrial companies' evaluation criteria in new product development gates". Journal of Product Innovation Management, 2003. vol. 20(1), pp. 22-36.
57. Hatfield, G.R., "R&D in an EVA world". Research Technology Management, 2002. vol. 45(1), pp. 41.
58. Henriksen, A.D. and A.J. Traynor, "A practical R&D project-selection scoring tool". IEEE Trans Eng Man, 1999. vol. 46(2), pp. 158-170.
59. Hill, G.M., The complete project management office handbook. 2004, Boca Raton: Auerbach Publications.
60. Jeffery, M. and I. Leliveld, "Best practices in it portfolio management". MIT Sloan Management Review, 2004. vol. 45(3), pp. 41-49.
61. Kahn, K.B., G. Barczak, and R. Moss, "Perspective: Establishing an NPD best practices framework". Journal of Product Innovation Management, 2006. vol. 23(2), pp. 106-116.
62. Kapur, V., J. Ferris, J. Juliano, and S.J. Berman, "The winning formula for growth: Course, capability and conviction". Strategy & Leadership, 2006. vol. 34(1), pp. 11.
63. Karlof, B., "Benchmarking as an instrument for strategic and operative improvement". International Review of Strategic Management, 1995. vol. 6, pp. 147-155.
64. Kendall, G.I. and S.C. Rollins, Advanced project portfolio management and the PMO: Multiplying ROI at warp speed. 2003, Boca Raton, FL.: J. Ross Publishing.
65. Kerzner, H., Advanced project management : Best practices on implementation. 2nd ed. 2004, Hoboken, NJ: J. Wiley.
66. Killen, C.P., R.A. Hunt, and E.J. Kleinschmidt, "MGSM working papers in management: Portfolio management practices in Australia". 2005, available at 〈www.mgsm.edu.au〉: Macquarie Graduate School of Management Working Paper Series - WP 2005-10.
67. Killen, C.P., R.A. Hunt, and E.J. Kleinschmidt. "Benchmarking innovation portfolio management practices: Methods and outcomes", in Proceedings of the International Association of the Management of Technology Conference. 2006. Beijing, China.
68. Killen, C.P., R.A. Hunt, and E.J. Kleinschmidt. "Innovation portfolio management: Relating practices to outcome", in Proceedings of the 13th International Product Development Management Conference. 2006. Milan, Italy: European Institute for Advanced Studies in Management (EIASM).
69. Kleinschmidt, E.J., "Rejoinders to "Establishing an NPD best practices framework"". Journal of Product Innovation Management, 2006. vol. 23(2), pp. 117-127.
70. Knutson, J., Succeeding in project-driven organizations : People, processes, and politics. 2001, New York: J. Wiley.
71. Kostoff, R.N. and R.R. Schaller, "Science and technology roadmaps". Engineering Management, IEEE Transactions on, 2001. vol. 48(2), pp. 132-143.
72. Krishnan, V. and K.T. Ulrich, "Product development decisions: A review of the literature". Management Science, 2001. vol. 47(1), pp. 1.
73. Lawson, C.P., P.J. Longhurst, and P.C. Ivey, "The application of a new research and development project, selection model in SMEs". Technovation, 2006. vol. 26(2), pp. 242-250.
74. Lee, M., B. Son, and H. Lee, "Measuring R&D effectiveness in Korean companies". Research Technology Management, 1996. vol. 39(6), pp. 28.
75. Levine, H.A., Project portfolio management : A practical guide to selecting projects, managing portfolios, and maximizing benefits. 2005, San Francisco, Calif. Chichester: Jossey-Bass ; John Wiley distributor.
76. Liberatore, M.J., "A decision support system linking research and development project selection with business strategy". Project Management Journal, 1988. vol. 19(5), pp. 14.
77. Liberatore, M.J. and G.J. Titus, "The practice of management science in R&D project management". Management Science, 1983. vol. 29(8), pp. 962-974.
78. Lieb, E.B., "How many R&D projects to develop?" Engineering Management, IEEE Transactions on, 1998. vol. 45(1), pp. 73-77.
79. Lint, O. and E. Pennings, "An option approach to the new product development process: A case study at Philips electronics". R and D Management, 2001. vol. 31(2), pp. 163-172.
80. Loch, C., "Tailoring product development to strategy: Case of a European technology manufacturer". European Management Journal, 2000. vol. 18(3), pp. 246-258.
81. Maizlish, B. and R. Handler, IT portfolio management step-by-step: Unlocking the business value of technology. 2005, Hoboken, NJ.: John Wiley and Sons, Inc. 376.
82. Marcus, A.M. and D. Coleman. Collaborative PPM gets SaaS-y. Projects At Work 2007 [cited 2007 January 17]; Available from: http://www.projectsatwork.com/articlc.rfm?ID=234606.
83. Martino, J.P., Research and development project selection 1995, New York:: Wiley.
84. Martinsuo, M. and P. Lehtonen, "Role of single-project management in achieving portfolio management efficiency". International Journal of Project Management, 2007. vol. 25(1), pp. 56-65.
85. Matheson, D. and J. Matheson, The smart organization: Creating value through strategic R&D. 1998, Boston: Harvard Business School Press.
86. Maylor, H., T. Brady, T. Cooke-Davies, and D. Hodgson, "From projectification to programmification". International Journal of Project Management, 2006. vol. 24(8), pp. 663-674.
87. McDonough III, E.F. and F.C. Spital, "Managing project portfolios". Research Technology Management, 2003. vol. 46(3), pp. 40.
88. Medaglia, A.L., S.B. Graves, and J.L. Ringuest, "A multiobjective evolutionary approach for linearly constrained project selection under uncertainty". European Journal of Operational Research, 2007. vol. 179(3), pp. 869-894.
89. Meredith, J.R. and S.J.J. Mantel, "Project selection", in Project portfolio management: Selecting and prioritizing projects for competitive advantage, L.D. Dye and J.S. Pennypacker, Editors. 1999, Center for Business Practices: Havertown PA. p. 135-167.
90. Mikkola, J.H., "Portfolio management of R&D projects: Implications for innovation management". Technovation, 2001. vol. 21(7), pp. 423-435.
91. Miller, R. and S. Floricel, "Value creation and games of innovation". Research Technology Management, 2004. vol. 47(6), pp. 25.
92. Milosevic, D.Z. and S. Srivannaboon, "A theoretical framework for aligning project management with business strategy". Project Management Journal, 2006. vol. 37(3), pp. 98-110.
93. Montoya-Weiss, M.M. and R. Calantone, "Determinants of new product performance: A review and meta-analysis". Journal of Product Innovation Management, 1994. vol. 11(5), pp. 397-417.
94. Morris, P.W.G. and A. Jamieson, "Moving from corporate strategy to project strategy ". Project Management Journal, 2005. vol. 36(4), pp. 5-18.
95. Murphy, S.A. and V. Kumar, "The front end of new product development: A Canadian survey". R&D Management, 1997. vol. 27(1), pp. 5-15.
96. Newton, D.P., D.A. Paxson, and M. Widdicks, "Real R&D options". International Journal of Management Reviews, 2004. vol. 5-6(2), pp. 113-130.
97. Parry, M.E. and X.M. Song, "Identifying new product successes in China". Journal of Product Innovation Management, 1994. vol. 11(1), pp. 15-30.
98. Payne, J.H., "Management of multiple simultaneous projects: A state-of-the-art review". International Journal of Project Management, 1995. vol. 13(3), pp. 163-168.
99. Pennypacker, J. S., ed. Project portfolio management maturity model. 2005, Centre for Business Practices: Haverstown PA.
100. Peters, L.S., "Rejoinders to "Establishing an NPD best practices framework"". Journal of Product Innovation Management, 2006. vol. 23(2), pp. 117-127.
101. Phaal, R., C.J.P. Farrukh, and D.R. Probert, "Technology roadmapping: Linking technology resources to business objectives". 2001, Centre for Technology Management, Institute for Manufacturing: Cambridge, p. 18.
102. Phaal, R., C.J.P. Farrukh, and D.R. Probert, "Technology management tools: Concept, development and application". Technovation, 2006. vol. 26(3), pp. 336-344.
103. Platje, A. and H. Seidel, "Breakthrough in multiproject management: How to escape the vicious circle of planning and control". International Journal of Project Management, 1993. vol. 11(4), pp. 209-213.
104. PMI, Organizational project management maturity model overview. 2003, Newtown Square, PA: Project Management Institute
105. PMI, "A guide to the project management body of knowledge". 2004, Project Management Institute, Inc., Newtown Square, PA.
106. PMI, "The standard for portfolio management". 2006, Project Management Institute, Inc., Newtown Square, PA.
107. Poh, K.L., B.W. Aug, and F. Bai, "A comparative analysis of R&D project evaluation methods". R&D Management, 2001. vol. 31 (1), pp. 63-75.
108. Poskela, J., P. Dietrich, P. Berg, K.A. Artto, and T. Lehtonen. "Integration of strategic level and operative level front-end innovation activities", in Portland International Conference on Management of Engineering and Technology. 2005. Portland, Oregon: PICMET.
109. Poskela, J., H. Nordlund, M. Perttula, S. Kohn, and P. Berg. "Process models for managing front-end - case studies from Finnish industry". in CINet. 2004. Sydney, Australia.
110. Reginato, J. and C.W. Ibbs. "Employing business models for making project go / no-go decisions ". in PMI Research Conference. 2006. Montreal.
111. Ringuest, J.L., S.B. Graves, and R.H. Case, "Formulating R&D portfolios that account for risk". Research Technology Management, 1999. vol. 42(6), pp. 40.
112. Rothwell, R., et al., "SAPPHO updated - project SAPPHO phase ii". Research Policy, 1974. vol. 3(3), pp. 258-291.
113. Schmidt, R.L. and J.R. Freeland, "Recent progress in modeling R&D project-selection processes". Engineering Management, IEEE Transactions on, 1992. vol. 39(2), pp. 189-201.
114. Scott, G.M., "Strategic planning for technology products". R and D Management, 2001. vol. 31 (1), pp. 15-26.
115. Sharpe, P. and T. Keelin, "How SmithKline Beecham makes better resource-allocation decisions". Harvard Business Review, 1998. vol. 76(2), pp. 45-57.
116. Spradlin, C.T. and D.M. Kutoloski, "Action-oriented portfolio management". Research Technology Management, 1999. vol. 42(2), pp. 26.
117. Stummer, C.H., K., "Interactive R&D portfolio analysis with project interdependencies and time profiles of multiple objectives". Engineering Management, IEEE Transactions on 2003. vol. 50(2), pp. 175-183.
118. Szakonyi, R., "Measuring R&D effectiveness - I". Research Technology Management, 1994. vol. 37(2), pp. 27.
119. Szakonyi, R., "Measuring R&D effectiveness - II". Research Technology Management, 1994. vol. 37(3), pp. 44.
120. Vähäniitty, J. "Do small software companies need portfolio management?" in 13th International Product Development Management Conference. 2006. Milan, Italy: European Institute for Advanced Studies in Management.
121. Wang, J. and W.-L. Hwang, "A fuzzy set approach for R&D portfolio selection using a real options valuation model". Omega, 2007. vol. 35(3), pp. 247-257.
122. Webb, A., Managing innovative projects. 1994, London ; New York: Chapman & Hall.
123. Wheelwright, S.C. and K.B. Clark, "Creating project plans to focus product development". Harvard Business Review, 1992. vol. 70(2), pp. 67-83.
124. Wheelwright, S.C. and K.B. Clark, Revolutionizing product development : Quantum leaps in speed, efficiency, and quality. 1992, New York Toronto New York: Free Press ; Maxwell Macmillan Canada; Maxwell Macmillan International.
125. Wideman, RM., A management framework for project, program and portfolio management. 2004, Victoria B.C.: Trafford Publishing.
126. Wysocki, R.K. and R. McGary, Effective project management : Traditional, adaptive, extreme. 3rd ed. 2003, Indianapolis, Indiana: Wiley Publishing Inc.