Project Portfolio Research Articles

Simultaneous project portfolio selection and scheduling from contractor perspective

Optimum project portfolio selection is one of the critical topics in project management. Scheduling selected projects to maximize profit and making project portfolio execution feasible are essential issues in this topic. This research presents a comprehensive model for simultaneous project portfolio selection and scheduling while maximizing the project portfolio’s net present value (PPNPV) and minimizing its resource fluctuations (RF). The presented study considers resource constraints and integrates the selection and scheduling process to form the portfolio with the highest efficiency among different possible solutions from the contractor’s perspective in construction management. The optimum project portfolio with its schedule, resource usage, cash flow and profit are outputted as the results. The developed model has been utilized on six hypothetical projects with diverse task numbers and networks containing all kinds of relations, lags and leads. The results presented an efficient point between fulfiling both goal functions by increasing 8.2% PPNPV and decreasing 8.06% and 13.76% of RF parameters for both resources, respectively. Moreover, the model’s superiority is demonstrated by comparing the results with the existing literature. The model is validated by considering different scenarios and comparing the results with what is expected. Considering task level scheduling, all four types of task precedence relation types and task lags lead to more realistic project networks, therefore, modelling the projects’ situations more appropriately. In addition, contractor’s resource sharing policies are engaged in this study to model contractor’s financial situation more realistically. This model views project portfolio selection and scheduling form contractor’s perspective, therefore, it lets contractors to benefit from using detailed scheduling and modelling contractor’s resource sharing policies. It is demonstrated that the presented model allows contractors to form an optimum project portfolio while considering financial and resource constraints.

A framework of robust project portfolio selection problem under strategic objectives considering the risk propagation

PurposeThe consideration of the substitution phenomenon in the project portfolio selection problem can improve the robustness of project portfolio selection and help enterprises better achieve their strategic objectives. However, the existence of inter-project risk propagation will have a negative impact on project substitution. This paper proposes a new framework for project portfolio selection and constructs a risk propagation model based on strategic objectives to study the impact of risk propagation on substitution in the project portfolio.Design/methodology/approachThe authors first construct a risk propagation model based on strategic objectives to describe the risk propagation between projects. Then the project substitution phenomenon based on risk propagation is put forward, and the calculation method of substitution loss is given. Finally, a robust project portfolio selection framework based on strategic objectives considering risk propagation is constructed.FindingsThe analysis of a case study demonstrates that (1) With the increase of risk intensity, the strategic loss of the same project portfolio increases linearly, and under the same risk intensity, the more projects in the portfolio, the stronger the robustness. (2) Considering risk propagation, the effect of project substitution is significantly weakened, and the strategic loss rate of the project portfolio is significantly increased compared with that of a direct attack.Originality/valueThis study is the first to take the project substitution into account in the project portfolio selection process. Moreover, the authors describe inter-project risk propagation and analyze the impact of risk propagation on the project substitution phenomenon. Finally, the authors extend the evaluation index of robustness. This paper puts forward a new way to solve the problem of project portfolio selection.

Principles in Project Portfolio Management: Building Upon What We Know to Prepare for the Future

Since the 1950s, project portfolio management (PPM) has offered principles helping us to act in PPM-related situations. Our study integrates what we know by reviewing seven decades of PPM research. We identify 17 PPM principles in four categories that have shaped our thinking and show how these are embedded in a semantical hierarchy. By doing so we shed light on the thoughts, intentions, and practices behind the principles, which support practitioners in becoming knowledgeable agents. By reflecting on the deficits of the identified principles’ underlying assumptions, we propose a path for future research.

Exploring indicators for monitoring sociotechnical system transitions through portfolio networks

Abstract In this paper, we propose a method for tracking the evolution of sociotechnical niches supported by sustainability-focused project portfolios. Based on social network analysis (SNA), this method can be used to evaluate and monitor funding initiatives that seek to advance sociotechnical transitions. It is an important area of study because there is currently a lack of tools for measuring the success of efforts to promote transformative innovation. Conceptually, our approach is based on existing sociotechnical transition research and offers insights into how project networks evolve. We applied this method to a specific portfolio of food system projects that the European Institute for Innovation and Technology Climate-KIC supported. Our results show that SNA can provide a proper visual representation of the infrastructure that supports programme-based investment and can help us understand how specific network structures can support niche development and protect it from external pressures.

An Integrative Review of Project Portfolio Management Literature: Thematic Findings on Sustainability Mindset, Assessment, and Integration

Sustainability integration in project portfolio management helps shape strategic, organizational, and project-based contexts. The authors conducted a structured literature review from 2000 to 2021 and developed a novel integrative framework presenting a holistic view highlighting three substantive research themes: sustainability mindset, sustainability assessment, and sustainability integration in project portfolio processes. Noteworthy progress has been made at the strategic and portfolio levels toward framing a sustainability mindset (definition, values, and principles) and developing frameworks/tools for sustainability assessment and project portfolio selection. However, areas for more research include integrating sustainability into project portfolio processes, reporting, and organizational learning for portfolio improvement.

When Agility Meets a Project Portfolio: A Study of Success Factors in Large Organisations

The iterative nature of agile methods combined with high levels of team and customer interactions and continuously changing IT and software development project requirements make the management of agile project portfolios very complex. To date, the mechanisms under which project portfolio management adapts to these complexities and achieves portfolio success have not been thoroughly investigated. This study explores the notion of success and its impacting factors in large organisations' portfolios of agile IT and software development projects. Using a multiple case study design, we analysed the agile project portfolios of seven large organisations. We identified four success criteria and 15 success factors and categorised them into a unique agile portfolio success framework. Some of these criteria and factors are unique to agile project portfolios. The framework contributes to agile and project management literature by conceptualising the notion of success in portfolios of agile projects while revealing a set of factors that affect the relationship between an agile portfolio with its subcomponents and the surrounding environment. The framework supports managers and practitioners in large organisations in reflecting on their agility efforts to achieve higher success rates in their agile portfolios.

Understanding How the Unique Context of the Minnesota Zoo Shapes Our Local Conservation Initiatives

The field of wildlife conservation is comprised of a variety of players with different contexts and approaches. Zoos and aquariums, historically largely focused on public entertainment, are shifting more towards conservation-minded missions and can play a unique role in wildlife conservation by leveraging their distinct assets. The Minnesota Zoo is an AZA-accredited institution and an agency of the State of Minnesota that has been conducting wildlife conservation for over 40 years. Here, we review our current portfolio of local field projects, including initiatives targeting pollinators, native mussels, turtles, and bison, using several considerations to structure and better understand how our unique context has shaped our work. Our designation as a state agency has impacted our initiatives by necessitating a focus on local efforts and has facilitated many partnerships with other government agencies. Indeed, partnerships have been vital to our success and have shaped our programs significantly since their inception. All of the Zoo’s conservation initiatives are built on a bedrock of sound science, and we continue to contribute to the field through research, utilizing the expertise of department staff. In addition, the various funding streams that support our programs have dramatically shaped our work and have created some siloing of staff within the department. However, grant funding can serve as a buffer against the impacts of economic uncertainty, as evidenced during the COVID-19 pandemic. Lastly, our programs have expanded and our objectives have pivoted over the years in response to changing needs and opportunities; such flexibility—and increased flexibility for our staff—is imperative to the future success of these efforts. The Minnesota Zoo’s narrative is unique and helps us understand how we can continue to most effectively carry out local conservation efforts. As we work to protect habitats and save species from extinction, it is important to utilize the distinct assets that each organization can contribute in order to have the greatest collective impact.

Business model and supporting policies for projects to implement carbon capture and power-to-gas technologies

The project portfolio of carbon capture system and power to gas (CP project) is considered to be a key technology combination for achieving carbon emission reduction and recycling in the future. However, due to a dearth of associated engineering practices and business activities, there is no widely used business model for the large-scale deployment of the CP technology portfolio. The design and evaluation of the business model is crucial for projects with a long industrial chain and complex relationships between stakeholders, such as CP projects. Based on carbon chain and energy flow, this paper analyzes the cooperation mode and profitability among stakeholders in the CP industry chain, selects three suitable business models, and establishes nonlinear optimization models under the three business models. By analyzing the key factors (e.g. carbon price) that can promote investment and have policy influence, the tipping points of the key factors and the cost of support policies are given. Results show that the vertical integration model has the greatest demonstration deployment potential since it has the best performance in terms of cooperation and profitability realization. However, required crucial factors in the CP projects vary from business models, policy makers need to take appropriate supporting measures prudently.

Learning science through a collaborative invention project in primary school

The study examines students’ disciplinary learning in physics and interdisciplinary science learning opportunities that students encounter during a collaborative invention project. Thirteen student teams (aged 11 to 12, N = 46) designed and constructed a prototype of a technology invention meant to solve one of the challenges students face in daily life. The data was collected from a physics achievement test taken both before and after the invention project and artifacts (student essays and process portfolios) that students constructed during the project. Seven inventions were categorized as physics-intensive and six as non-physics in nature. The change in students’ achievement prior to and after the invention project was rather modest, and the increase was related to the level of physics-intensity of the inventions made during the project. However, the process portfolios revealed various interdisciplinary science learning opportunities and physics learning that could not be identified with the achievement test. Further, the co-occurrence analysis revealed several interdisciplinary learning opportunities that connected physics contents to the interdisciplinary themes. Working with varied materials and technologies and experimenting with them enabled the students to ponder different science topics and perhaps deepen their understanding through creative problem-solving. We conclude that such collaborative invention projects challenge teachers to take an active role in designing invention challenges so as to more explicitly interlink students’ invention processes with science learning. In order to foster students’ science learning opportunities, teachers should intensively evaluate each student-team’s learning throughout the project and use portfolios to reflect on and scaffold their science learning systematically.

Managing Scholarly Outputs in a Proprietary Platform: Exploring the Implications of Esri Story Maps for Spatial Digital Humanities Preservation

Spatial digital humanities projects often struggle with sustainability and preservation. Interactive, engaging websites require consistent maintenance to function well. As a result, projects rise and fall with grant cycles while technical staff face an ever-increasing portfolio of projects to maintain. For the past decade, Esri’s Story Maps platform has offered a way to combine maps, text, images, and other multimedia with relatively little technical overhead for the end user. This has had substantial influence on spatial digital humanities, expanding opportunities for a wide range of scholars and organizations to share archival research publicly. The challenge of preserving this work looms large, however, as the retirement date for the “classic” version of the platform approaches. Based on an effort at the University of Minnesota to contact authors for hundreds of public-facing story maps, this paper reflects on the difficulty of managing scholarly outputs in a system not primarily designed for that purpose and of representing web-based work within the library record. More broadly it asks, what does it mean for spatial digital humanities that so much scholarship is hosted and organized within one proprietary platform?

The interplay between dynamic capabilities’ dimensions and their relationship to project portfolio agility and success

Recent literature emphasizes agility's importance for a project portfolio's success in a dynamic environment. Conceptually, dynamic capabilities should be relevant antecedents for portfolio agility since they help organizations cope with dynamic environments. Dynamic capabilities disaggregate into three dimensions: sensing market and technology opportunities, seizing opportunities through prioritizing and exploiting them, and continuously reconfiguring assets and structures. Although previous literature emphasizes the importance of dynamic capabilities for project portfolio management (PPM), former research rarely analyzed dynamic capabilities in PPM empirically. Further, dynamic capabilities can be conceptualized differently, and it remains unclear how different conceptualizations coexist and what effects they have on the results of a study. This paper quantitatively investigates the relationship between dynamic capabilities’ dimensions (sensing, seizing, and reconfiguring) and project portfolio agility and success using a multi-informant, cross-industry sample of 135 project portfolios. The findings show that dynamic capabilities positively relate to portfolio agility and that portfolio agility mediates the relationship between dynamic capabilities and portfolio success. Surprisingly, sensing, seizing, and reconfiguring do not have entirely complementary effects. Instead, at least two of the three dimensions must be strongly present to enhance portfolio agility positively. The study underscores the importance of dynamic capabilities for portfolio agility. It contributes to the literature on portfolio agility in PPM and a more differentiated view of dynamic capabilities' dimensions and their consequences.

Ecuadorian electrical system: Current status, renewable energy and projections

In this research, an analysis of the electricity market in Ecuador is carried out, a portfolio of projects by source is presented, which are structured in maps with a view to an energy transition according to the official data provided. State policies are analyzed, as well as the opportunities for development in renewable energies offered by the reform of the Organic Law of the Electric Power Public Service. Additionally, the roadmap is presented, which includes an increase in the levels of renewable energies and a decrease in fossil fuels in consideration of the growing demand for electrical energy with a view to 2050 in accordance with the state approaches defined in recent years. It is considered that the total 100% renewable installed capacity by 2050 is 26,551.18 MW compared to 11,306.26 MW in 2020 between renewable and non-renewable. It is expected that the current legal framework will continue to articulate strategies for a greater penetration of renewable energies, that national purposes be achieved and international agreements celebrated both regionally and globally be fulfilled, so it is important that sufficient resources are allocated to achieve this long-awaited energy transition in Ecuador.

Optimized decision support for BIM maturity assessment

Building information modeling (BIM) maturity models occupy a crucial role in guiding BIM-reliant stakeholders and enterprises to identify BIM capabilities and facilitate process improvements. Nevertheless, few quantitative BIM maturity models are available for the measurement and improvement of BIM utilization performance. This study designs a refined assessment system for the maturity measurement of BIM-based projects during the design and construction stages. The advocated BIM maturity model combines a probability distribution function aggregation paradigm and a large-scale group decision-making framework to provide an expert-based assessment system for evaluating project-based BIM performance. The case study of the Corning Gen 10.5 glass substrate production line workshop in Wuhan demonstrates the feasibility and effectiveness of the proposed model. This paper establishes a generalizable structural framework that can potentially facilitate BIM maturity analysis in a portfolio of projects or the industry as a whole and will generate fresh insight into designing quantitative BIM maturity models across various contexts.

The Role of Project Management Office in Managing Project Portfolio Managem ent: A D escriptive S tudy i n Indonesian B anks

Purpose: This paper presents a preliminary study of the complete research to explore how strategic initiatives are implemented in Indonesian banks. It has the aim to descriptively compare the Project Portfolio Management (PPM) Capabilities and bank performance between banks that are applying Project Management Office (PMO) practices and not.
 Design/methodology/approach: Empirical research has been performed through a survey using questionnaires to define the contribution of formal project management office practices in managing strategic initiatives in Indonesian banks. The data from 82 banks from a total of 115 banks in Indonesia based on the list of Indonesian Financial Authority were collected and analyzed using descriptive analysis with help of statistical tools SPSS 22.
 Findings: As a preliminary stage, this paper found that banks with formal project management office practices tend to be more effective in managing their strategic initiatives.
 Research limitations/implications: However, further analysis still needs to be performed to explore how project PPM capabilities and PMO practices influence the bank's performance positively.
 Originality/value: This study introduces how the project management office and project portfolio management practices in Indonesian Banks at glance and how its comparison those with and without project management practices.

Overcoming barriers to research use in international development organisations: learning from an action research project

ABSTRACT Development policymakers and practitioners face a range of challenges to using research. This paper draws on an action research project that aimed to investigate the individual and organisational drivers that contribute to, or inhibit, greater use of research in international development organisations, and test strategies to shift them. We convened a group of practitioners and researchers from 12 diverse international development organisations to undertake action research projects within their own organisations. Analysis of the portfolio of action research projects identified five organisational factors which are the basis for improving research use and 15 practical strategies for implementing organisational change. Taken together, these organisational factors and strategies can assist in improving the integration of research in international development organisations and support more evidence-based policy, programming, and advocacy.

Risk Analysis: Changing the Story with the Statistical Stochastic Process and VaR

With the dramatically increased demand for data analysis, statistical techniques play a key role in modern society for both academics and practitioners. Statistical techniques have been evolving from descriptive statistics to statistical inference in fields that require the evaluation of uncertainty and the quantification of risks. With the growing complexity of various fields, such as manufacturing and industrial applications, as well as business decision-making, modeling and quantifying risks has become essential. In this paper, we aimed to use statistical risk analysis and Value at Risk (VaR) to address the decision problem for project portfolios. Traditional economic evaluation criteria used in the management of project portfolios, as they pertain to new product development (NPD), are based on the assumption that pinpoint estimations will remain constant in the future. The assumption that NPD is static, however, is clearly unrealistic due to the inherent uncertainty of NPD projects. In this study, we stress the critical role that uncertainty plays in the selection of NPD portfolios, and clarify the reasons why it must not be overlooked. Using Value at Risk measurements, we show how uncertainty plays a critical role in evaluating and prioritizing NPD portfolios. The implications of this study regarding statistically modeling NPD portfolio decisions are provided for academics and practitioners.

A Multistep Iterative Ranking Learning Method for Optimal Project Portfolio Planning of Smart Grid

Optimal project portfolio planning is a typical nonconvex, multiobjective, highly constrained, multitemporal coupling, and combinatorial optimization problem. This paper proposes a novel multistep iterative ranking learning method (MIRL) to solve this complex combinatorial optimization problem from massive infrastructure projects of smart grid. The optimal project portfolio planning problem of power grid is formulated as the optimization process of massive project priority sorting with an improved knapsack model. The proposed method dynamically optimizes the best infrastructure project combination for each round to maximize the economic, social, and security benefits without exceeding the annual investment limit. A pairwise-based ranking learning algorithm is used to mine the priority sorting law from massive historical combination data of power grid to initialize candidate project portfolio. In order to approach the optimal portfolio planning solution with the constraint satisfactions of project construction duration and electric load supplies, a heuristic greedy strategy is designed to search the solution dynamically for selecting the project having highest construction benefits iteratively. The effectiveness of the proposed method is proved by experiments with real-world project data of Hunan power grid in China, and experimental results show that the proposed MIRL can outperform other methods on investment efficiency, calculation time, and rationality of project construction period schedule.

OPTIMISATION OF TARGET INDICATORS OF THE PROJECT PORTFOLIO FOR TRANSPORT AND LOGISTICS SUPPORT OF TOURIST CENTRES

The subject of the study is modelling the optimal target indicators of the portfolio of projects for transport and logistics support of tourist centres. The aim of the study is to improve the efficiency of portfolio management processes for the development of transport and logistics support for tourist centres. Tasks: 1) to develop a conceptual model for harmonising targets / parameters of project products for the portfolio of projects for the transport and logistics support of tourist centres; 2) to determine the mathematical description of the main indicators as functions of the parameters of transport and logistics support of tourist centres; 3) to develop a mathematical model for determining optimal and consistent targets for the portfolio of transport and logistics support of tourist centres. Research methods are: methodology and methods of system analysis, methods of operations research. The following results were obtained: the concept of "hierarchy of tourist centres" was introduced, which is a logistics system that is linked to the relevant transport hubs. To manage transport and logistics projects as part of the portfolio, a conceptual and appropriate mathematical model has been developed to determine the optimal and consistent target indicators of the portfolio of transport and logistics projects for tourism centres as part of the hierarchy. The coordination is formed at the level of tourist flows, taking into account their possible distribution among tourist centres, as well as a single source of funding. The model's control parameters are the necessary indicators of the increase in the capacity and quality of service of transport and logistics systems of tourist centres of the same hierarchy. The objective function of the model reflects the maximisation of the economic effect of implementing projects to improve capacity and quality. The constraints take into account funding opportunities, investment efficiency, goals for the development of tourist flows in each centre, and the conditions for coordinating tourist flows in the centres of the same hierarchy (or part of it). The results obtained take into account the peculiarities of forming economic indicators for the hierarchy of tourist centres and form the basis for assessing the value of transport and logistics projects for tourist centres. Conclusions: The results of the study are a conceptual and appropriate mathematical model that allows to form optimal and consistent parameters of the products of projects for the integrated development of transport and logistics support for tourist centres. The model takes into account the peculiarity of the parameters of transport and logistics support, but its structure and construction principle can be used to form models for optimising and coordinating the target indicators of portfolio projects whose products are interdependent.

Project portfolio modeling for theregional dual education development

The aim of the article is to present a method of project portfolio management for the regional development of dual education under conditions of uncertainty using expert methods. In the project portfolio management standard, portfolio formation is represented by a group of alignment processes, but their practical application in a specific subject area remains at the discretion of the developer. For the design and development of software systems, visual process models are developed for a specific subject area. The article presents the development of a complex system of dual education through the formation of a portfolio of projects. The data obtained allowed to determine that the portfolio management methodology can be successfully implemented in Ukrainian dual education. To improve the processes of portfolio management, a practical implementation of the processes of portfolio formation in the IDEF0 notation was carried out. A simplified algorithm for forming a project portfolio has been developed, which allows increasing the speed of response to changes in portfolio managementin educational sphere. The proposed solution of the educational system development through portfolio using expert methods that are distinguished by the application of the Pareto rule forbuilding a scenario for the system development. On the basis of the developed methodology for forming a portfolio of innovative projects, the process of optimizing the efficiency of the portfolio of innovative projects with determining their individual priorities is studied on the example. The application of the developed procedures for planning the portfolio management of the dual education system in the central region of Ukraine is demonstrated. The results obtained have made it possible to make sure that the system development management in conditions of incomplete information covers the areas of process management, and helps to minimize the impact of uncertainty on the efficiency of the portfolio of projectsimplementation.

Mapping linkages between ecosystem services and agricultural and landscape management using structural topic modeling of scientific literature

This paper provides a systematic overview of existing literature on the interdependence between terrestrial Ecosystem Services (ES) and agricultural landscape management. To this end, we constructed a structured methodological approach that future researchers and other stakeholders may use to explore potential gaps for potential avenues for research. The framework starts with a constructed bibliometric dataset comprising 2478 paper abstracts (and associated metadata) published between 2010 and 2019 that contain references to specific ES classes and case study location references worldwide. Next, the dataset was used to construct a Structural Topic Model (STM), which features marginal effect estimation of metadata covariates on topic prevalence and topic prevalence correlation. The estimated topic graph structure is then used for community detection of interconnected topics via cluster identification, which allowed us to determine the current structure of the academic discourse on the interaction between terrestrial ES and agricultural landscape management. We expect this novel approach to enable identification of research priorities, prioritization of project portfolios for our field of interest, and reusable methodological guidelines that can be employed to target other fields of knowledge similarly.