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<p>A model for investigating alternative research and development programs is formulated. Cost-constrained optimization methods are used in an expected value formulation for systems, which have reached the concept development stage. For the remaining projects, those in basic research and exploratory development, decision rules for altering funding levels are suggested. The principal variables considered in the model are the relative value of a system, a subjective value judgment, the expected life of the system, decision maker time preference, and the cost of the system. A management information system for implementing the model is proposed which allows the user to focus on the trade-off implications of any of the alternatives available for modifying the budget of the R and D program.
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<br>Subjects: Operations Research; Research and development model; Measuring value; Optimization model; Management Information System; Systems Analysis</div>
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Carney, Thomas Patrick</div>
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