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This survey was undertaken to determine what factors are considered when a manager has to decide whether an idea, or new embryo process or product, is to go on to the next stage of development in the innovation process. An attempt was made to provide a complete listing of articles and reports which have been published since 1967. The literature reviewed covers idea generation, transmission and evaluation; market group involvement in the innovation decision process; project selection and evaluation; and possible impact of formal project selection models or techniques on the bench scientist or engineer. The factors or procedures used by various organizations to select and evaluate projects are described. Examples of the several classes of mathematical models proposed by management scientists are given. As was the case in 1967 very few of these models have been used in actual business situations and the reasons for this lack of use are presented.