This paper focuses on the evaluation of project proposals within the innovation management of manufacturing industries. The goal is to define a strategy-oriented project program within a budgetary framework. This task requires a systematic approach which structures the wide range of information and makes the complexity of decision making controllable. Within the process framework of decision preparation and decision making, a coherent combination of adequate methods, processes and tools is indispensable. For this reason, a set of standardized methods comprised of ABC-analysis, value analysis, portfolio analysis, paired comparison and expert discussion is suggested. Moreover, the central decision-making supporting element is the evaluation of alternative projects with regard to their potential and risk.