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Evaluating firms' R&D performance using best worst method.

Negin Salimi1, Jafar Rezaei2

  • 1Science Based Business, Faculty of Science, Leiden University, The Netherlands.

Evaluation and Program Planning
|November 2, 2017
PubMed
Summary
This summary is machine-generated.

Measuring research and development (R&D) performance accurately is crucial for business growth. This study introduces a new method to weigh R&D measures, leading to better performance insights and strategies for high-tech firms.

Keywords:
Best worst method (BWM)R&D measuresR&D performanceSmall-to-medium-sized enterprises (SMEs)

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Area of Science:

  • Business and Management
  • Innovation Studies
  • Decision Sciences

Background:

  • Research and Development (R&D) is vital for firm productivity, growth, and competitive advantage.
  • Existing R&D performance measurement methods often oversimplify by assigning equal importance to all measures, potentially leading to flawed strategies.
  • Accurate R&D performance evaluation is essential for effective strategic decision-making.

Purpose of the Study:

  • To measure R&D performance by considering the varying importance of different R&D measures.
  • To apply a multi-criteria decision-making method, the Best Worst Method (BWM), for weighting R&D measures.
  • To analyze the R&D performance of 50 high-tech Small and Medium-sized Enterprises (SMEs) in the Netherlands.

Main Methods:

  • Utilized the Best Worst Method (BWM) to determine the weights (importance) of various R&D measures.
  • Conducted a survey among 50 high-tech SMEs in the Netherlands to gather performance data.
  • Collected data from R&D experts to inform the weighting process.

Main Results:

  • Assigning different weights to R&D measures significantly alters the performance ranking of firms compared to using a simple average.
  • The study identified distinct R&D performance rankings based on the weighted importance of measures.
  • Results highlight the impact of differential weighting on R&D performance evaluation.

Conclusions:

  • Standard R&D performance measurement can be misleading due to uniform weighting of measures.
  • The BWM provides a more nuanced approach to R&D performance assessment by incorporating measure importance.
  • Findings enable R&D managers to develop more effective strategies by understanding the relative significance of different R&D measures.