Project Portfolio Management (PPM) systems can be a valuable contribution for a sustainable innovation management and product development. A major precondition is a standardized process with defined business services that encompasses project data repository project assessment, selection, reporting, and portfolio reevaluation. This paper presents a multidimensional evaluation framework for research and development projects in industrial engineering that also considers innovation aspects. Furthermore, we describe the business services needed for PPM and evaluate its practical applicability, by mapping these business services to technical web services provided by a commercial software product.