At A Glance:

Capstone Sponsor: The Acquisition and Innovation Research Center (AIRC)
Capstone Team Lead: Declan Boyle
Capstone Team Members: Clay Eckert and Nick Viscuso
Key Problem: Create a framework for evaluating the risk of Navy science and technology research projects.
Solution: Developed a novel approach combining Stage-Gate risk assessment with portfolio theory.

The Challenge

MSBA-BA graduate students Nick Viscuso, Clay Eckert, and Declan Boyle worked to provide a framework for evaluating risk within Navy science and technology research efforts. Their goal was to develop a method to quantitatively assess risk in these portfolios, enhancing decision-making in the Department of Defense’s (DoD) acquisition process. The project required innovative thinking and a flexible approach, given the confidentiality of the data and variability of the projects in question.

The Solution

The team integrated knowledge gained from extensive literature reviews and interviews with professionals from organizations like the Defense Advanced Research Projects Agency (DARPA), Raytheon, and the Pentagon. They then proposed a novel approach that combines a Stage-Gate risk assessment framework with portfolio theory. This approach breaks down project lifecycles into distinct stages (preliminary research, development, testing, etc.) with critical decisions made at each stage to either continue, hold, or terminate projects. This more iterative process allows for the reuse of knowledge from both successful and failed projects, enhancing resource efficiency and project resilience. Their methodology aims to streamline decision-making and improve the overall effectiveness of the DoD’s acquisition process.

 

2024 AIRC Team Public Presentation