Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/69519
標題: Flexibility planning for managing R&D projects under risk
作者: Wang, J.T.
Yang, C.Y.
關鍵字: R&D management
New product development
Risk management
Uncertainty
management
Managerial flexibility
Real options
real options perspective
product development
management
uncertainty
technology
environments
performance
portfolios
experience
innovation
期刊/報告no:: International Journal of Production Economics, Volume 135, Issue 2, Page(s) 823-831.
摘要: Incorporating managerial flexibility in an innovative R&D project is important, because managers face greater uncertainty in today's competitive and dynamic changing environment. It is essential to bring managerial flexibility into R&D project planning to decrease technical and market risks, while increasing potential market value. The objective of this paper is to develop a flexibility planning methodology based on real option analysis to improve managerial flexibility for R&D projects. The proposed methodology identifies potential risks that may occur during every R&D stage. It also recognizes a cascading option structure to resolve the identified risks, and evaluates and selects adequate options that maximize the potential value of the project. Instead of using a traditional option pricing method, a dynamic programming model that considers multidimensional product performance and market payoff is used to evaluate the R&D project value. Using the proposed methodology, managers can identify future scenarios as a function of their management actions. The proposed flexibility planning methodology can help managers improve managerial flexibility of R&D project and increase the success rate of product launch. A drug development project is used to illustrate the proposed methodology. (C) 2011 Elsevier B.V. All rights reserved.
URI: http://hdl.handle.net/11455/69519
ISSN: 0925-5273
文章連結: http://dx.doi.org/10.1016/j.ijpe.2011.10.020
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