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Scenario planning + MCDA procedure for innovation selection problem

Michnik J.

Foundations of Computing and Decision Sciences

2013

Vol. 38, No. 3

207--220

Selecting the proper set of innovation projects is the vital point of the innovation management in a firm. To make a good decision, managers have to consider many conflicting objectives in a highly uncertain environment. In this article, the comprehensive decision procedure based on scenario planning and multiple criteria analysis is presented. The main part of the procedure is a two-step model in which Hurwicz's rule and VIKOR-S method are employed to gain the selection of alternatives. To build up the decision base, the classification of the criteria involved in the innovation project selection into five categories is proposed.