Practical approach to evaluation of research projects

Abstract

Against the background of a predominantly metallurgical research laboratory, the reasons for choosing a simple cash-flow method for evaluating projects are discussed. Approaches to the estimation of cost, benefit, and probability of success are outlined; it was found that effort is particularly needed to overcome persistent underestimates of time to completion and the difficulties people experience in estimating likely market penetration and probability. A scoring method of deriving probability from a checklist of factors known to lead to project failure has proved useful. Three years' experience in using the evaluation method provides the basis for a discussion of its accuracy and effects on research projects and people.