Resource Allocation Problems Arising in Product Development

Problems of resource allocation arise when firms are faced with a range of project opportunities but have limited resources to invest in these options. Among the most important characteristics of the various projects are the degree of uncertainty in the resource requirements for the project and the expected pay-off to be obtained on completion. Careful selection of the set of product development projects to pursue in any given time period — given limits on the resources available for development, including capital, labor and technological know-how — and control of these resources in the implementation of the development projects are crucial aspects of the task of managing the product design and development process.

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