Abstract
This research investigated the following research question: How is uncertainty affecting project portfolios managed in dynamic environments? While different approaches have been developed in the context of the management of single projects these ideas have not been carried over to the management of project portfolios.The dynamic capabilities framework is used as the framework to study the management of project portfolios in dynamic environments. The research is based on four portfolios in two firms using retrospective analysis. Sufficient material was collected and analyzed to contribute in the following areas: (1) To provide a better understanding of the management of project portfolios facing uncertainty, (2) to analyze the relationships between the sources of uncertainty in dynamic environments and the organizing mechanisms put in place by organizations to minimize their impact and to capitalize on opportunities, and (3) to identify possible improvements to project portfolio models and standards.
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