Portfolio Management of Research Projects in the Public and Private Sectors
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Not only organizational strategy but also managerial experience influence the portfolio management of research projects process. Strategy provides the focus that the research projects should have, and acts as the point of reference to which the process should be aligned when the environment changes. Experience serves as a decision tool when the formal methods fail to model the real world due to uncertainty or unavailability of information.Portfolio management of research projects in the public and private settings generates knowledge as well as business opportunities and public welfare. Research projects are performed to find new markets, improve processes or find grounds to incur in new product development. They are also performed to increase scientific and technological knowledge as well as to form new experts who can contribute in future research projects. Furthermore, evidence has shown that organizations, both private and public, agree that generating knowledge is the basic objective of research projects.