Numerous computer software project management aids have been applied to help manage the aspects of new technology development (NTD) projects (the critical paths, budgets, schedules, and so forth). However, additional progress is needed in the identification, measurement, and integration of critical project success factors with these other management tools. This study reports on a number of considerations affecting the NTD strategic formulation processes. This work has been used to develop a three-dimensional factor-based model of the process of NTD. These factors that contribute to a successful development effort are inherently more organizational and behavioral than technical, but it is essential that the project manager be able to understand, measure, and monitor them. Currently in the field, most project managers attend to these critical success factors in an intuitive and ad hoc fashion as they attempt to manage and allocate resources across various project areas. A model for managing the process of NTD must attempt to incorporate all factors that, at different times, have contributed to the successful or failed NTD activities. This study presents the process of developing a refined and specific model of these critical success factors and their interrelationships within the stages of new technology development. The model is then applied to a company-specific application to assess its effectiveness as a management tool and to determine directions for future research.