Nowadays manufacturing companies are operating in demanding and constantly evolving scenarios. Firms must overcome the major and severe challenges posed by globalized and volatile markets, rapid technological developments, and increasing and diversified customer and employee needs. In a strive for production process improvement, innovation becomes the key factor determining success and competitive advantages, thus representing a resource to be leveraged to ensure the long-term success of the enterprise. However, a careful allocation of the available resources implies an evaluation and comparison between the alternative initiatives. Moreover, the diverse types of innovation projects, such as process, organizational, or social innovations, and the limited amount of information available when the decision-making should be performed, represent a significant challenge for companies.