Management of project portfolios: Relationships of project portfolios with their contexts |
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| Affiliation: | 1. Department of Industrial Engineering and Management, Tampere University, Finland;2. Department of Organization, Copenhagen Business School, Denmark;1. Tampere University, Finland;2. Copenhagen Business School, Denmark;3. KTH Royal Institute of Technology, Sweden;4. Alliance Manchester Business School, UK;1. Department of Leadership and Organizational Behaviour, BI Norwegian Business School, Nydalsveien 37, 0484 Oslo, Norway;2. Copenhagen Business School, Department of Organization, Denmark;3. Chinese Academy of Social Sciences, Institute for Industrial Economics, Beijing, China |
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| Abstract: | Firms create and manage project portfolios to implement and renew their strategies. With the dominant contingency theory view, studies have primarily focused on project portfolios and their internal management whilst acknowledging that different practices are needed in different contexts. A strategic view of managing project portfolios, however, requires adopting a stronger external orientation, both within and outside of the firm. In this paper, we call for research on the management of project portfolios. We investigate the relationship between project portfolios and their context based on four theoretical alternatives: institutional theory, stakeholder theory, resource dependence theory, and sensemaking theory. The results offer explanations to the mechanisms connecting project portfolios with their context, call for a reformulation of portfolio success, and propose a new research agenda to revitalize the study of managing project portfolios in their contexts. |
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