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The purpose of this paper is to state a hierarchy methodology to select the most promising innovative projects, based on the processes defined by the successful Project Management Institute.

Open innovation is a new option for companies to acquire knowledge; however, in a changing and global market, it is necessary to define and select properly the proposals to be financially supported. A proven multicriteria decision methodology (MCDM) is recommended in this case to hierarchize alternatives. Moreover, analytical hierarchy process (AHP) has been considered in this study as a proven and simple MCDM.

AHP has been demonstrated as a suitable option to evaluate innovative project proposals, thanks to its integration with the Project Management Institute methodology. A process example has been included to demonstrate its application.

Innovative projects and project proposal selection have always implied subjective criteria. Moreover, some of the processes defined in the methodology were not well defined in the project proposal.

The management of a project portfolio in a rational way would help decision makers to fund the most promising projects/alternatives under consideration. In this way, the inherent risk of R&D projects would be minimized.

The management of a portfolio of innovative proposals is less often addressed in the literature. This paper focuses on the hybridization of the criteria and processes described in the PMBOK Guide and an MCDM.