RESEARCH ARTICLE


A Three-Dimensional Project Portfolio Management Framework for Construction Companies



Yunna Wu, Haobo Zhang, Hu Xu*
North China Electric Power University, Beijing, China


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Creative Commons License
© Wu et al.; Licensee Bentham Open.

open-access license: This is an open access article licensed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 International Public License (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/legalcode), which permits unrestricted, non-commercial use, distribution and reproduction in any medium, provided the work is properly cited.

Correspondence: Address correspondence to this author at the North China Electric Power University, No.2, Bei Nong Road, Hui Longguan Town, Chang Ping District, Beijing, China; Tel: +86 15810305848; E-mail: 642345671@qq.com


Abstract

Many construction companies struggle with multi-project optimization and change despite adhering to normative project portfolio management instructions and best practices. One explanation is that managers lack extensive multi-project management experience from which to apply related theory to practical outcomes. This paper proposes a three-dimensional segmentation framework to guide companies with no prior project portfolio management experience in establishing a project portfolio management system and applying it to their situation. The framework decomposes an expansive and disorganized multi-projects group into a set of simple activities from three different dimensions (project type, project phase, and the management layer) to facilitate the introduction of project portfolio management theory and principles. Then, a case study illustrates the application and utility of the proposed framework. Although this framework was initially developed for a Chinese electric power construction company, it can also be applied to other construction companies in similar circumstances worldwide.

Keywords: Construction project management, Management practice, Project portfolio management, Three- dimensional framework.