The study was instigated to develop a computer model that (a) quantitatively evaluates competing research and development projects, and (b) assists in prioritizing such projects when resources are not sufficient to conduct all of them. An evaluation model was developed, based upon existing multiattribute utility theory but with some modification and innovation. The model, with user input, helps determine the relative weights of the factors or criteria used to evaluate the projects under consideration, and, again with user input, determines the utility function for each of the attributes. A computer program was written to implement the model.