Air Products identifies a systematic project to optimally allocate limited R&D resources among the many proposals made every year for new projects. The process identifies the key issues for success, builds consensus among the decision-makers, and requires the project champions to state their project proposals in the framework most useful to the decision-makers. Project strengths and weaknesses are clearly identified by using profiles of the project ratings for each criterion. Thus, strong projects are fully funded, weak projects are not funded, and intermediate projects are funded to resolve weaknesses. The goal for R&D prioritization is simply to select winning new projects. Such projects will have a combination of characteristics that are expected to lead to considerable benefits and a high probability of success. (Brenner, 2004).
Most companies have a limited amount of monetary resources to devote to the transformational projects. Additionally, executives must prioritize the most important aspect of the implementation and fully fund the strongest aspects of the project and fund the weaker aspect of the projects to the point of resolving the weakness. Companies can learn from this example to properly allocate their scares resources and prioritize the project, they will have a greater probability of project success.
CITE THIS AS:
YouSigma. (2008). “Air Products Resource Allocation and Prioritization." From http://www.yousigma.com.