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Uncertainty and distance as determinant factors in portfolio management and strategic alliances

Summary form only given. Many organizations are focusing increasing attention on new product or process development (NPD), driven by, for example, the importance of innovation for competitiveness, a strong focus on speed to market, and on leveraging core competencies to take advantage of the potential offered by sub-contracting, outsourcing, and ultimately by the concept of the 'virtual organization'. Much research has focused on the way in which different factors influence the success or failure of NPD projects, and the value of adopting structured procedures. The research on which this paper is based, focused on the key issues in the exploitation of new technologies, and in particular, examined the uncertainty and distance characteristics of NPD projects. A framework was developed which brings these characteristics together with respect to three dimensions of technology, market and organization. This framework provides valuable information for decision making in project selection and termination, and helps to guide the project's development and appraisal, through the monitoring of key variables throughout the project lifecycle. It also supplies the information required to support early decisions as to the development solution, and exploitation route of projects.