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Title

A research and technology valuation model for decision analysis in the environmental and renewable energy sectors

AuthorsValdivia, M.; Galan, J. L.; Laffarga, J.; Ramos-Martín, Juan Luis
KeywordsProject valuation
R&D management
Decision making
R&D uncertainty
R&D risk
Project management
Bioenergy
Municipal solid waste
Issue Date2020
PublisherElsevier
CitationRenewable and Sustainable Energy Reviews 122 (2020) Article number 109726
AbstractAnnually, companies invest vast amounts of resources into research and development (R&D) in order to remain competitive in today's markets. This investment intensive effort needs to be carefully managed and monitored in order to make the most of these investments. Making informed decisions regarding resource allocation is vital for maximizing return on investment (ROI). One important way to achieve this is use of a valuation model that is capable of estimating the potential return of R&D investment by assessing among other parameters, the level of uncertainty and risk associated with this kind of project. This paper presents a valuation decision model that has been applied to the renewable and environmental sector. Here we present a flexible, user-friendly and understandable model that reflects the intrinsic risks associated with R&D projects. The model can be customized for use across a variety of capital intensive and medium-long term R&D projects in the private and public realms. A real-life case study is used to illustrate the utility of the model within the biofuel sector; specifically, for a project focused on the production of biofuel from municipal solid waste. Use of valuation models, such as the one described here, when used from the very initial phases of the project till project completion can serve a vital role in R&D management—one that enables decision-makers to define realistic and productive targets throughout the full R&D project period.
Publisher version (URL)http://dx.doi.org/10.1016/j.rser.2020.109726
URIhttp://hdl.handle.net/10261/216716
DOIhttp://dx.doi.org/10.1016/j.rser.2020.109726
Identifiersdoi: 10.1016/j.rser.2020.109726
issn: 1879-0690
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