Technical management notes: Delphic Goal Programming (DGP): A multi-objective cost/benefit approach to R&D portfolio analysis

Abstract

A systematic way for allocating resources among different research and development (R&D) projects in a multiple objective environment is developed. For this purpose, the Delphic Goal Programming (DGP) is proposed as follows: initially, a Delphi inquiry is conducted to identify the objectives to be considered in problem formulation. Successive rounds of Delphi are then utilized to prioritize these objectives, and to determine the relative weight and the aspiration level for each objective. Finally, through Delphi inquiry, a portfolio of R&D projects to achieve these objectives is identified. The results of the Delphi inquiry are used to build a goal programming model. This model than provides an allocation pattern for projects to achieve organizational objectives. The application of the model is discussed and illustrated.