The linear multi-objective R&D project selection problem

Abstract

A multi-objective model of the project-selection problem is described. The model departs from an earlier goal-programming formulation of the problem, which suggested Delphic methods for selection of priorities and aspiration levels. It is shown that the multiobjective formulation yields multiple nondominated solutions for the same problem solved by goal programming, whereas the goal-programming formulation revealed only one solution, and that the goal-programming solution is sensitive to choice of aspiration levels. The multiobjective model is recommended as a more general approach to the research and development project-selection problem, since it will develop a set of all nondominated solution. Subjective methods (such as the Delphic technique) can then be called for at a later point in the analysis to choose among alternative nondominated solutions.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">&gt;</ETX>