Research and development (R&D) and innovation projects are high-risk endeavours and the decision to modify, postpone or cease investment is an ongoing and dynamic process. This process becomes even more challenging where the strategic environment is subject to rapid change. This paper examines a number of practical approaches used to re-align a R&D portfolio in response to a shift in strategic direction. In a portfolio with fixed resources, this often means that difficult decisions need to be made regarding the re-allocation of a significant amount of financial and human resources.