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In: Business and Management

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European Journal of Operational Research 163 (2005) 784–801 www.elsevier.com/locate/dsw Production, Manufacturing and Logistics

Factors which influence decision making in new product evaluation q
Muammer Ozer

*

Department of Management, City University of Hong Kong, 83 Tat Chee Avenue, Kowloon, Hong Kong
Received 16 October 2001; accepted 7 November 2003
Available online 31 December 2003

Abstract
New product development is indeed very important for companies. However, developing new products is a risky and uncertain process. In order to reduce the risks and uncertainties, companies need to evaluate their new product initiatives carefully and make accurate decisions. Although the outcome of a new product evaluation decision can be influenced by the environmental uncertainties that are beyond a companyÕs control, companies can successfully improve the accuracy of their new product evaluation decisions. This article presents an integrated framework for understanding how various factors affect decision making in new product evaluation and provides guidelines for reducing their negative impacts on new product decisions. The results indicate that the quality of new product evaluation decisions is affected by four major sets of factors, namely the nature of the task, the type of individuals who are involved in the decisions, the way the individualsÕ opinions are elicited and the way the opinions are aggregated.
Ó 2003 Elsevier B.V. All rights reserved.
Keywords: New product evaluation; Research and development; Production; Marketing

1. Introduction
1.1. Background
New product development (NPD) has been an important activity for firms. At the same time, it is a very risky and uncertain process. Throughout this long process, firms need to evaluate their new

q

This article is based on the authorÕs dissertation that was a finalist at the 1997 Academy of Marketing Science Best…...

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