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A long-standing problem in NASA is how to allocate scarce technology development resources across advanced technologies in order to best support a large set of future potential missions. Within NASA, two orthogonal paradigms have received attention in recent years: the real-options approach and the broad mission model approach. This paper focuses on the latter.
As part of Kennedy Space Center's (KSC's) challenge to open the space frontier, new spaceport technologies must be developed, matured and successfully transitioned to operational systems. R&D investment decisions can be considered from multiple perspectives. Near mid and far term technology horizons must be understood. Because a multitude of technology investment opportunities are available, we must identify choices that promise the greatest likelihood of significant lifecycle At the same time, the costs and risks of any choice must be well understood and balanced against its potential returns The problem is not one of simply rank- ordering projects in terms of their desirability. KSC wants to determine a portfolio of projects that simultaneously satisfies multiple goals, such as getting the biggest bang for the buck, supporting projects that may be too risky for private funding, staying within annual budget cycles without foregoing the requirements of a long term technology vision, and ensuring the development of a diversity of technologies that, support the variety of operational functions involved in space transportation. This work aims to assist in the development of in methods and techniques that support strategic technology investment decisions and ease the process of determining an optimal portfolio of spaceport R&D investments. Available literature on risks and returns to R&D is reviewed and most useful pieces are brought to the attention of the Spaceport Technology Development Office (STDO). KSC's current project management procedures are reviewed. It is found that the "one size fits all" nature of KSC's existing procedures and project selection criteria is not conducive to prudent decision-making. Directions for improving KSC's - procedures and criteria are outlined. With help of a contractor, STDO is currently developing a tool, named Change Management Analysis Tool (CMAT)/ Portfolio Analysis Tool (PAT), to assist KSC's R&D portfolio determination. A critical review of CMAT/PAT is undertaken. Directions for the improvement of this tool are provided. STDO and KSC intend to follow up on many, if not all, of the recommendations provided.