A Strategic Model for Optimizing R&D Project Portfolios: Lessons from the Iranian Energy Sector

Khamseh, Abbas; Baratchi, Elaheh; Kheradranjbar, Maryam

doi:10.22050/pbr.2025.496220.1363

A Strategic Model for Optimizing R&D Project Portfolios: Lessons from the Iranian Energy Sector

Document Type : Original Article

Authors

Abbas Khamseh ¹

Elaheh Baratchi ²

Maryam Kheradranjbar ³

¹ Associate Professor, Department of Industrial Management, Karaj Branch, Islamic Azad University, Karaj, Iran

² Master of Industrial Management, Department of Industrial Management, Karaj Branch, Islamic Azad University, Karaj, Iran

³ Ph.D., Technology Management, Department of Technology Management, Science and Research Branch, Islamic Azad University, Tehran, Iran

https://doi.org/10.22050/pbr.2025.496220.1363

Abstract

Many organizations in the power and energy sector rely on research and development (R&D) projects to achieve their strategic goals. Given the simultaneous execution of multiple projects, managing R&D portfolios effectively has become an essential capability for adapting to environmental changes and maintaining competitive advantage. This study aims to present a model that identifies and prioritizes the factors influencing R&D portfolio management in the energy sector. Employing a mixed-method approach, the research integrates qualitative data collected through interviews with fifteen experts in the energy sector—analyzed using grounded theory via MAXQDA 2020—with quantitative data from 134 managers and experts, analyzed using Smart PLS V.3. In the qualitative phase, 105 codes were categorized into six dimensions, with 17 codes excluded during factor analysis, resulting in a validated model comprising 88 codes across six dimensions. The proposed model emphasizes critical factors such as project selection, project evaluation, project definition, budget allocation, portfolio analysis, and addressing challenges in portfolio integration. By balancing these dimensions, the model aims to reduce risks, optimize resource allocation, and enhance the probability of commercial success for R&D projects. This study offers new insights into R&D portfolio management in the Iranian energy industry, addressing the unique challenges of this sector. It provides a systematic framework for selecting, evaluating, and balancing R&D projects while aligning with organizational strategies to ensure the effective commercialization of research outcomes. The findings also stress the importance of integrating local investment in R&D to drive technological innovation and sustainable economic development in the energy sector.

Highlights

· Strategic allocation and management of key resources—including knowledge, finances, human capital, and infrastructure—are essential for successful R&D portfolio execution.

· Aligning project costs and timelines with budget constraints ensures efficient resource utilization.

· Using a risk-matrix approach helps organizations identify acceptable risk thresholds and manage them effectively.

Maintaining a balanced mix of research and development initiatives supports both innovation and operational growth

Keywords

Arbitration

Dispute Resolution Mechanism

oil and gas

Unitization Agreement

Subjects

Energy Management and Engineering

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