The thesis work aimed at developing a framework for portfolio management and business case development that can be used as decision support for a company for new product development. The assignment was to study relevant literature resulting in an aggregated view on this topic and the parameters that impact successful product development. The literature involves project initiation, different levels of product innovation development and information about important research criteria to include when forming new product projects ideas. This information helps to support how to objectively evaluate and compare product projects. The literature also involves different relevant tools to use for providing information and manage product portfolio management along with their benefits. Out of this aggregated view, a template and suggested decision model specific for the company has been established. The resulting template has for purpose to be used for preparation of providing a solid information base when a new product project idea is to be presented. The decision base has the purpose to help the members and managers in the product council to form a decision on what product idea to proceed with, which hopefully will result into launch and success. The framework aims to assess individual product development initiatives as well as managing the product portfolio aspect. Except the study of a considerable amount of literature, qualitative research has been made as well. The qualitative research has been performed in the form of semi-structured interviews together with people within the company that has been used as case study in this report. The interviews contributes with information about the current state of the company’s product offering process together with attention paid for what is missing and what improvements that is sought. In such way, the qualitative research contribute to the result of the framework in the sense that it is attributed towards the company in the case study and thus slightly towards technological network industries, although the framework is made for a generic use. As by this thesis, the framework focus on one company, but it has for purpose to be adaptable and inspiring for any company with respect for the individual company’s restrictions.