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Summary.
When selecting new innovation projects, some committees prize consensus — and thus end up funding only ideas whose success is plain to see, which is often an incremental innovation. Meanwhile, venture capitalists looking for the next big thing might do the opposite, picking projects on which they disagree. These types of project selection quandaries are reflected in new research, which models the effectiveness of common decision methods such as voting, scoring, and ranking. A simple form or ranking emerged as the recommended approach in many situations, but leaders must weigh several questions when deciding which process to utilize.Here’s a common scenario in companies around the world: The annual review of proposed new projects is coming up, and you’re on the decision-making committee. You and your colleagues are faced with an overwhelming list of options. Some of them you can comment on knowledgeably; some of them not. Sometimes the tech behind them is brand new or the market is yet to be tested. Working together, you and the team are expected to discern what works best and what should best be left aside. But how, exactly, should you combine and weigh your respective assessments?