Strategic Innovation, Foresight and the Deployment of Project Portfolio Management under Mid-Range Planning Conditions in Medium-Sized Firms

The purpose of this paper is to examine the ability of a firm to innovate and absorb its innovative developments by borrowing concepts and models from project portfolio management (PPM). Using past research and the existing literature, it evaluates the potential to apply PPM to the medium-term strategic planning efforts of small- and medium-sized firms. The implementation of strategic innovation requires organizations to develop both a dynamic culture and flexible internal systems that yield to major external changes in their industry as well as internal resource changes. Such changes could include supply or value chain adjustments, changes in consumer behavior, re-allocation of internal resources or the responses of competitors. This paper examines the planning and implementation of project portfolio management tools in small- and medium-sized enterprises (SMEs) (50–250 employees) with a mid-range (2–4 years) planning horizon that are required to innovate in a strategic context to remain competitive or to take advantage of new opportunities. It relates strategic foresight to the ability of the firm to adjust tactically, including in the utilization and development of internal tools, processes, systems and culture. This paper contributes to the literature by examining the potential for PPM methodologies and models to support decision making in a strategic context in SMEs, an area that is under-represented in the research on strategy. It also relates this foresight with strategic innovation and draws parallels between the strategic management planning process and the use of project portfolio management models. It argues that strategic innovation is closely tied with the ability not just to innovate but to absorb this innovation within the organizational processes and build organizational maturity. It also examines the potential use of project portfolio management models to aid strategic innovation. The use of PPM models in support of strategic innovation may contribute to the sustainability of SMEs as businesses and to the potential to identify new business models that enhance the sustainability of a firm’s competitive advantage, particularly in mid-term.

IMPACT OF COVID 19 PANDEMIC ON PROJECT PORTFOLIO MANAGEMENT-A CASE STUDY ON CONSTRUCTION INDUSTRY IN SOUTHERN INDIA

In India, Project Portfolio Management (PPM) is in practice as a tool for prioritizing and managing real estate projects in construction organizations. But due to insufficient funding, improper judgment of experts during the crisis situation, the selection of optimal project portfolio prototype can be viewed as a risk based decision making process involving various risk factors. The objective of this study is to analyze the importance of project portfolio management and the risks associated with it in the construction industry taking into account the impact of novel corona virus COVID 19. This research identifies the adoption of more consistent project governance, risk management techniques and way more careful project portfolio management as the core area of study. A conceptual framework for Project Portfolio Management is also designed after analyzing various parameters of Project Portfolio Management of construction industry with the help of Bayesian framework. The key motive for undertaking this part of examination on real estate sector of Indian construction industry in southern part of India to reduce the impacts and increase the return on investment from the projects by mitigating the effect of risk factors associated in the projects. Project Portfolio Management tools and techniques are very useful for managing multiple construction projects.

ANALYSIS ON PROJECT PORTFOLIO MANAGEMENT PRACTICES IN INDIAN CONSTRUCTION INDUSTRY

Project Portfolio management (PPM) is a combination of projects under the sponsorship of a particular construction organization sharing the scarce resources, managing projects and programs within the portfolio. It requires different strategies, models and practices. Many organizations across the country have projects in their sector in different places. However they abandoned temporarily suspended or closed within a decade which is troublesome. Proper PPM helps to execute the construction project effectively. As such, the aim of this research paper is to identify PPM practices in different construction organizations with a view to examine the effects of such practices on the project portfolio. The current research topic focuses on analysing the project performance of different construction projects using Project Portfolio Management practices. In this research a questionnaire survey related to the Project Portfolio Management on four major practices is carried out among the various professionals in Indian Construction Industry with help of Multi Criteria Decision Making (MCDM) techniques such as Entropy Method, SAW, CODAS methods and ranking the various project portfolio.