New product development projects have features of complexity and inter-functionality that make a Project Management approach particularly suitable. Nevertheless, several failures have occurred as traditional Project Management techniques have been applied to New Product Development. Product Innovation Processes, in fact, have peculiarities that need adaptation and modification of traditional techniques. This paper focuses on what seems to be one of the main causes of failure: the need to manage project interdependencies assuring their mutual compatibility at portfolio level. This problem cannot be faced with traditional Multi-Project Management techniques, almost exclusively focused on resource interdependencies. After a brief discussion of the general problem of product innovation as well as of the most critical issues in the implementation of Multi-Project Management, this paper proposes an interpretative model that explains firms' dynamic behavior in Multi-Project Management of new product development. The model could be used as a unique and homogeneous framework supporting the processes of project selection, resource allocation, risk management, priority management and ongoing control.
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