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From Research Project to Research Portfolio: Meeting Scale and Complexity

Author

Listed:
  • Jonathan Linton

    (Institute for Statistical Studies and Economics of Knowledge, National Research University — Higher School of Economics (Russia), and University of Ottawa (Canada))

  • Nicholas Vonortas

    (George Washington University, United States; State University of Campinas, Brazil)

Abstract

The article considers how the past and present tendency to focus on selecting the best projects based on the sole criterion of meritorious science may result in a sub-optimal portfolio. The authors argue that scientists need to proactively engage in the discussion over the need to improve the efficiency and effectiveness of societal investments to ensure that the next generation of the management and decision-making process for our science, technology and innovation system is rooted in sound principles. The classic peer review process tends to provide unintended overlap and allows for an ill fit between some of the pieces and unwanted gaps to occur. Areas of high risk and high return can be missed due to their controversial nature and split decisions typically resulting in negative funding decisions. In general, high risk and a high frequency of split decisions tend to be replaced with lower risk initiatives. The authors propose herein supplementing peer review with research portfolio evaluation approaches and decision-making tools that can better assess research uncertainties and other special features of the transformation of the resulting knowledge into improved social well-being. A coupling of research quality review by peers with more systematic portfolio meta-analysis of recommended projects is both possible and essential.

Suggested Citation

  • Jonathan Linton & Nicholas Vonortas, 2015. "From Research Project to Research Portfolio: Meeting Scale and Complexity," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 9(2), pages 38-43.
    • Handle: RePEc:hig:fsight:v:9:y:2015:i:2:p:38-43
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    File URL: http://foresight-journal.hse.ru/data/2015/06/30/1082517310/03-Linton.pdf
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    References listed on IDEAS

    as
    1. Rainer Brosch, 2008. "Portfolios of Real Options," Lecture Notes in Economics and Mathematical Systems, Springer, number 978-3-540-78299-5, December.
    2. Zapata, Juan C. & Reklaitis, Gintaras V., 2010. "Valuation of project portfolios: An endogenously discounted method," European Journal of Operational Research, Elsevier, vol. 206(3), pages 653-666, November.
    3. van Bekkum, Sjoerd & Pennings, Enrico & Smit, Han, 2009. "A real options perspective on R&D portfolio diversification," Research Policy, Elsevier, vol. 38(7), pages 1150-1158, September.
    4. Nicholas S Vonortas & Chintal A Desai, 2007. "‘Real options’ framework to assess public research investments," Science and Public Policy, Oxford University Press, vol. 34(10), pages 699-708, December.
    5. Sébastien Casault & Aard J. Groen & Jonathan D. Linton, 2012. "Examination of the behavior of R&D returns using a power law," Science and Public Policy, Oxford University Press, vol. 40(2), pages 219-228, November.
    6. Albert N. Link & Nicholas S. Vonortas (ed.), 2013. "Handbook on the Theory and Practice of Program Evaluation," Books, Edward Elgar Publishing, number 14384.
    7. Nelson, Richard R., 1990. "Capitalism as an engine of progress," Research Policy, Elsevier, vol. 19(3), pages 193-214, June.
    8. Irwin Feller, 2013. "Peer review and expert panels as techniques for evaluating the quality of academic research," Chapters, in: Albert N. Link & Nicholas S. Vonortas (ed.), Handbook on the Theory and Practice of Program Evaluation, chapter 5, pages 115-142, Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Dirk Meissner & Wolfgang Polt & Nicholas S. Vonortas, 2017. "Towards a broad understanding of innovation and its importance for innovation policy," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1184-1211, October.
    2. L. A. Tsvetkova, 2016. "Model For Shaping A System Composed Of Measurable Indicators For Defining Priority Areas Using Us National Institutes Of Healthcare As A Role Example," Economics of Science, Delo Publishing house, vol. 2(1).

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    More about this item

    Keywords

    research and development (R&D); peer review of R&D projects; project portfolio; portfolio-based approach; research performance evaluation;
    All these keywords.

    JEL classification:

    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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