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Evaluation and Selection of R&D Projects using Multi-Criteria Decision Making Method

In today’s highly competitive market, the decision analyst in the selection of research & development (R&D) projects among several proposals from investment perspective have become a very exigent task because of having a large impact on the industry’s sustainability, profitability and the future growth. The selection of the R&D projects may involve a number of conflicting attributes collectively termed as selection criteria that may acquire qualitative as well as quantitative values. The present research intend to propose a multi-criteria decision making (MCDM) technique, namely Euclidean Distance Based Approach (EDBA) for the evaluation and selection of various R&D projects. The implementation of the proposed approach yields an overarching ranking of the projects as a result that will surely help the decision makers/industrialists to select the best one.