Stopping an R&D project
IEEE Potentials , Volume 16 - Issue 2 Suppl p. 13- 16
The decision to terminate an ongoing Research and Development (R&D)/innovation project is difficult because it means accepting failure, which very few managers are willing to acknowledge. The decision is important because of high failure rates, rapid increases in the cost of R&D, and the need to optimize available resources. A decision tool model has been developed, namely, the activity-stage models, and decision-stage models which will help a lot in monitoring and deciding whether the R&D project should be stop. Decision theory, probability analysis and computer simulation can give almost perfect information to aid the decision-making process.