The Importance Of Conjoint Analysis In The Choice Of Development Projects

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Introduction According to Schilling (2012), developing innovative novel projects in order to initiate products or services really takes considerable time, uses a tremendous budget, as well as is extremely risky. As mentioned in Schilling (2012), there are a lot of evidences that indicates the majority of projects is failed. Consequently, it is important for each organization to emphasize on considering which projects are worthwhile for the investment and time-consuming and whether the projects are pursued with a meticulous and well-organized development process (Schilling, 2012). There are two methods in evaluating and choosing innovation projects including quantitative and qualitative method or using combination of both methods (Schilling, …show more content…
There are many factors influencing in the choice of development projects, which are utterly difficult to manage to accurate quantification. Consequently, it has a tendency to mislead an outcome easily, if there is no quality in terms of analyzing of approaching projects rigorously. According to Schilling (2012), there are different ways for choosing projects in terms of qualitative methods, for instance, screen questions and the aggregate project planning …show more content…
According to Conjoint Analysis (N.d.), conjoint analysis associates with presenting people with different kinds of choices and evaluating which one is the best choice. The output of conjoint analysis is a measurement of values and is appropriate for answering questions, for instance, “Which should we do, create more functions, or reduce price down or increase price but improve quality?”. As a result, this method helps create scenarios of market models, which enables to estimate which products or features are suitable for the current market (Conjoint Analysis,

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