Impact of Economic and Technical Uncertainties on Dynamic New Product Development

被引：15
|
作者：
Yao, Tao [1 ]
Jiang, Bin [2 ]
Liu, Hongcheng [1 ]
机构：
[1] Penn State Univ, Harold & Inge Marcus Dept Ind & Mfg Engn, University Pk, PA 16802 USA
[2] Depaul Univ, Driehaus Sch Business, Chicago, IL 60604 USA
来源：
IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT | 2013年 / 60卷 / 01期
关键词：
New product development (NPD); project management; repeated real options; stochastic differential equation; RESEARCH-AND-DEVELOPMENT; RADICAL INNOVATION; INCREMENTAL INNOVATION; DEVELOPMENT PROJECT; MANAGEMENT; OPTIONS; FLEXIBILITY; SELECTION; MODEL;
D O I：
10.1109/TEM.2012.2187061
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A new product development process is usually under economic and technical uncertainties, and adjustable to the arrival of new information. As a result, new product development is not a one-time decision but a dynamic process under uncertainties. This paper applies repeated real options to derive optimal decision-making rules for a firm that faces two repeated options: 1) an incremental innovation project that is relatively easy to be developed and 2) a radical innovation project that offers superior performance but its development is much more difficult. Our findings can help firms make dynamic investment decisions on coexisting new product development projects.
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页码：157 / 168
页数：12
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