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.
引用
收藏
页码：157 / 168
页数：12
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