Technical management notes: Delphic Goal Programming (DGP): A multi-objective cost/benefit approach to R&D portfolio analysis

This paper aims at developing a systematic way for allocating resources among different R&D projects in a multiple objective environment. For this purpose Delphic Goal Programming (DGP) is proposed as follows. Initially, a Delphi inquiry is conducted to identify the objectives to be considered in problem formulation. Successive rounds of Delphi will then be utilized to prioritize these objectives, determine their relative weights and the aspiration level for each objective. Finally, through Delphi inquiry, a portfolio of R&D projects to achieve these objectives, will be identified. The results of the Delphi inquiry will be used to build a goal programming model. This model then provides an allocation pattern for projects to achieve organizational objectives. DGP benefits from a strong and widely used managerial technique, namely, the Delphi method and integrates it with a powerful mathematical model, namely, Goal Programming. The application of the model is discussed and illustrated.