Benchmarking the impact of team diversity on cost performance in biomedical projects: a support vector machine approach

Purpose The purpose of this research is to identify the relationship between team diversity and the cost performance of biomedical projects. Design/methodology/approach This study is survey-based, and responses were collected using a 5-point Likert scale. A support vector machine model is designed to analyze the relationship. This model takes survey responses and assesses the predictive accuracy of various diversity factors with respect to cost performance. Findings The results show that all diversity factors included in this study are positively related to cost performance; however, knowledge diversity exhibits the highest predictive accuracy (80%) for cost performance. Moreover, the combination of prediction accuracy for knowledge diversity and skill diversity yields the highest cost performance, at 73.33%. It is concluded that a diverse team could help improve the cost performance of biomedical projects and minimize over-budgeting. Research limitations/implications The study has multiple implications for healthcare organizations. By fostering team diversity in biomedical projects, healthcare organizations can support the development of high-quality, cost-effective solutions, aligning with Sustainable Development Goal 3, which promotes health and well-being by making medical devices and services accessible to people. Originality/value This study contributes to the literature by highlighting the previously unexplored relationship between team diversity and cost performance. It provides prediction accuracies for individual and collective team diversity factors on cost performance.