The analytic hierarchy process (AHP), a well-known and useful decision making method, has been applied to R&D project evaluation and selection. The objective of this study is to propose a new model for evaluating and selecting R&D projects of Samsung Electro-Mechanics, the top manufacturer of electronic components in Korea, using the AHP. To show the validity of the new model, we strived to successively compare the final priorities for R&D projects with the priorities obtained by the existing model and the new model respectively.