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| Author: | Schneider, M. (et al.) |
| Title: | Making real options work for practitioners: a generic model for valuing R&D projects |
| Journal: | R & D Management
2008 : JAN, VOL. 38:1, p. 85-106 |
| Index terms: | decision making project management R&D valuation models |
| Language: | eng |
| Abstract: | A generic valuation (hereafter as: valn.) framework for the appraisal of R&D projects based on real option theory is proposed. The project valn. procedure is separated into three main phases: project modeling, data and input collection, and result generation and analysis. Represented in the form of a decision tree (here as: d-tree), the project model represents the structure of the real world R&D project with its investments, expected results, and decisions. From the d-tree structure, it is possible to calculate the real option value of starting an R&D project, i.e. the value of undertaking the first investment etc. In addition, the optimal exercise strategy is derived from the d-tree etc. |
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