Access to new resource related to R&D project selection added to PMWL
Resource provided by Victor Dantas
09 December 2021 – São Paulo, Brazil – Access to a new resource has been added to the PM World Library (PMWL) related to Research & Development (R&D) projects selection. The new resource is an article written by university professors published by MIT Sloan Management Review in the Magazine’s Winter 2022 issue.
The research that originated the article was conducted inside a global professional services firm, in order to explore quantitative and qualitative data on this firm’s innovation selection process. The authors highlighted as well that companies usually have a common – and somewhat big – source of bias throughout the selection of innovation projects: composition of decision making panels. Companies generally deploy senior staff to green-light innovation projects and researchers proved that this is systematically problematic.
In a nutshell, the panels are immersed in bias (for example, senior members of the panel refuse high degrees of novelty even though this is the reason for being on the panel) and alongside with that, most panels lack diversity. It is also a common issue in the project selection process the preference of highly technical staff who give strong emphasis on technical aspects of the idea only. Another finding of the authors is that timing of the process can yield inferior decisions too. To overcome bias and improve outcomes, the researchers suggested a few steps organizations could take before, during and after the selection process.
To access this new resource, go to the Current Hot Topics in P/PM section of the library at https://pmworldlibrary.net/applications-and-topics/, click on “Innovation and Project Management”, scroll down to resource. Must be a registered member and logged-in to access. If not a member, consider the FREE 30-day Trial Membership.
This new resource provided through the PMWL university research internship program; to learn more, click here