A decision analytic approach for technology portfolio prioritization

A decision analytic approach for evaluating new aviation safety products and technologies is developed and demonstrated to consolidate five existing program assessment metrics to develop a unified metric that simultaneously considers the relative importance and contribution of each. This allows for a meaningful and objective evaluation and comparison of the National Aeronautics and Space Administration (NASA) Aviation Safety Program (AvSP) advanced aeronautical products and technologies. The resulting decision model is referred to as the Composite Program Assessment Score (CPAS). The CPAS includes the five existing metrics; technical development risk, implementation risk, fatal accident rate reduction, safety benefits and cost, and safety risk reduction, which are each defined and quantified by different sources. The CPAS involves the scaling and combination of these individual metrics. In this paper, two alternative combinatorial modeling approaches to calculate the CPAS are presented. The weighted sum model and an additive value theory model are compared and contrasted. The resulting CPAS metrics allow an overall comparison of all 48 of the NASA AvSP products and technologies. Currently CPAS is based on preliminary weight measures from subject matter experts to reflect the relative importance of each metric. Actual case studies of both linear and non‐linear value functions are demonstrated

Aviation · Aviation safety · Business · Metric (unit · Operations management · Operations research · Portfolio · Risk analysis (engineering · Risk assessment · Risk management · Computer Science · Engineering · Reliability and Maintenance Optimization · Risk and Safety Analysis · Technology Assessment and Management

• Decisions with Multiple Objectives

  Open Access•Ralph L Keeney, Howard Raiffa•Decisions with Multiple Objectives•1993

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