RESEARCH ARTICLE
A Three-Dimensional Project Portfolio Management Framework for Construction Companies
Yunna Wu, Haobo Zhang, Hu Xu*
Article Information
Identifiers and Pagination:
Year: 2016Volume: 10
First Page: 433
Last Page: 447
Publisher ID: TOCIEJ-10-433
DOI: 10.2174/1874149501610010433
Article History:
Received Date: 26/01/2016Revision Received Date: 26/02/2016
Acceptance Date: 04/03/2016
Electronic publication date: 29/07/2016
Collection year: 2016
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.
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.