Relationally integrated value networks for total asset management in project portfolios

Abstract

Relationally integrated value networks for total asset management (Rivans-Tam) have been recommended by scholars as a vehicle to integrate the stakeholders of project management (PM) and of asset management (Am), covering the entire life cycle of a built asset. This paper presents a scoping and exploratory pilot study to test a further proposition that expands the basic Rivans-Tam concept to encompass portfolio management, to benefit asset-intensive organisations holding a large portfolio of ongoing construction projects and operational built assets. Accordingly, it establishes a strong theoretical underpinning based on previously validated research exercises on Rivans-Tam and previous applications of social network analysis (SNA) for Rivans-Tam and developed from in-depth high-level semi-structured interviews with six industry professionals with relevant expertise and experience. The outcomes broaden the theoretical base of Rivans-Tam, also highlighting its practical potential to empower total portfolio management (TPM). This TPM perspective expands the hitherto ‘single asset’-focused Rivans-Tam concept and related SNA methods to a wider portfolio of both ongoing construction projects and operational built assets. Moreover, the consolidated findings contribute substantially to practice by providing a basis to overcome the main challenges and unlock the potential synergies from ‘overall best value’-focused relational integration of hitherto disconnected diverse stakeholders.