Another way of presenting the previous two slides is the valuation target. This says that the portfolio value rises to some high value from a zero risk of value, and of course, zero performance. Management target, we suspect, will be significantly higher than the majority of projects under- way in the research and development effort. Migrating these projects up on the curve to increase portfolio value is the strategic aim of the corporation being measured.
This particular discussion is about the measurement of the valuation of the portfolio of R&D, and not the strategic implications in what we do about it, that is the subject of a secondary consideration.
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