This chapter examines the opportunities and limitations of scientometrics as a tool for R&D resource allocation. The author describes various approaches of using the quantitative and qualitative indicators of research productivity. Universities, research and government organizations demonstrate a growing demand for scientometric resources and tools. The reasons for this demand are considered and the role of scientometric specialists in research organizations is examined. The link between the research and technological processes is demonstrated and the life cycle of research and technological innovations is explored. The author considers various aspects of resource allocation for research and development, and applications of scientometric methods for assessment of resource allocation effectiveness. Lastly, the author considers the time lag between resource allocation and production of measurable output in research and development.