Mapping the Knowledge

In this chapter, the author examines the possibility of applying the servant leadership concept's critical components in the innovation management process. The author, based on his own experience as a top manager of a prominent Russian public company, reveals the importance of a proactive approach to managing innovative projects. The chapter's objective is to develop the rules for the proactive management of innovative project portfolios and, based upon these rules, to lead the team of key personnel. The author concludes that while following the five rules of proactive management of innovative projects, the manager becomes a team's servant-leader. The manager is not suppressing the team's initiative, not depriving them of the right to independently understand current events, and arming them with self-immersion tools in the project's details. The author is confident that the presented approach may be of interest to other practicing innovative managers.

Project portfolio risk analysis with the consideration of project interdependencies

PurposeComprehensive project portfolio risk (PPR) analysis is essential for the success and sustainable development of project portfolios (PPs). However, project interdependency creates complexity for PPR analysis. In this study, considering the interdependency effect among projects, the authors develop a quantitative evaluation model to analyze PPR based on a fuzzy Bayesian network.Design/methodology/approachIn this paper, the primary purpose is to comprehensively evaluate project portfolio risk considering the interdependency effect using a systematical model. Accordingly, a fuzzy Bayesian network (FBN) is developed based on the existing studies. Specifically, first, the risks in project portfolios are identified from the project interdependencies perspective. Second, a fuzzy Bayesian network is adopted to model and quantify the interaction relationships among risks. Finally, the model is implemented to analyze the occurrence situation and characteristics of risks.FindingsThe interdependency effect can lead to high-stake risks, including weak financial liquidity, a lack of cross-project members and project priority imbalance. Furthermore, project schedule risks and inconsistency between product supply and market demand are relatively sensitive and should also be prioritized. Also, the validity of this risk evaluation model has been proved.Originality/valueThe findings identify the most sensitive risks for guaranteeing portfolio implementation and reveal interdependency effect can trigger some specific risks more often. This study proposes for the first time to measure and analyze project portfolio risk by a systematical model. It can help systematically assess and manage the complicated and interdependent risks associated with project portfolios.

Bounds in Tree-Based Approaches to Generate Project Portfolios in the Presence of Interactions

Portfolio decision models have become an important branch of decision analysis. Portfolio problems are inherently complex, because of the combinatorial explosion in the number of portfolios that can be constructed even from a small number of items. To efficiently construct a set of portfolios that provide good performance in multiple criteria, methods that guide the search process are needed. Such methods require the calculation of bounds to estimate the performance of portfolios that can be obtained from a given partial portfolio. The calculation of such bounds is particularly difficult if interactions between items in the portfolio are possible. In the paper, the authors introduce a method to represent such interactions and develop various bounds that can be used in the presence of interactions. These methods are then tested in a computational study, where they show that the bounds they propose frequently provide a good approximation of actual outcomes, and also analyze specific properties of the problem that influence the approximation quality of the proposed bounds.

Value co-creation in asset integrity and improvement portfolio: evidence from the Australian mining industry

Purpose Adopting a qualitative research design and following a single case study research methodology 21 semi-structured interviews with asset integrity project managers (PM), project sponsors (PS) and members of the project management office (PMO) were conducted. These were complemented with company’s project management framework documents and tools and direct observation by the researcher’s observation. Design/methodology/approach The data on the value creation in the mining asset integrity and improvement project portfolio was collected through 21 interviews with PM, PS and members of the PMO and complemented by observational data and the analysis of the Australian mining company process documentation. Findings The study finds that establishing a culture of delivering value supported by functional governance is critical for effective value creation practice in asset integrity and improvement project portfolios. In addition, early engagement of the key stakeholders with clearly defined roles and utilisation of project value management artifacts, enables effective value delivery throughout the project lifecycle. Originality/value The research offers an empirically grounded framework to facilitate value creation throughout the project lifecycle in asset integrity and improvement project portfolios drawing on a benchmarking case of an Australian mining company.

Improving the monitoring of conservation programmes: lessons from a grant-making initiative for threatened species

Many conservation projects have weak capacity to monitor their target species and the threats they face, compromising adaptive management. We assessed 74 vertebrate and plant conservation projects worldwide that were supported by the SOS–Save Our Species Programme (now IUCN Save Our Species) during 2012–2015. Our aim was to determine how and where monitoring efforts were focused, identify trends in data availability and make recommendations for improvement. Project managers reported more of a decrease in threats (73%) and improved habitat conditions (68%) than positive population changes (19%), primarily because of the focus of their objectives and limited time to collect population data. More population data were collected on reptiles and amphibians than mammals and birds, contrary to global trends. This probably reflects a greater focus of mammal and bird projects on improving habitats or reducing threats. There were geographical differences in data availability. Lessons learnt that could be applied to future project portfolios include: a common strategic framework should be developed, along with a set of common indicators against which projects can align and demonstrate their contributions; more guidance and capacity building support should be provided to grantees; and a greater allocation of project budgets should be dedicated to monitoring.

A competency-driven staff assignment approach to improving employee scheduling robustness

Presented paper concerns the competency-driven staff assignment and scheduling approach to the management of project portfolios subject to perturbations caused by employee absences and/or unexpected arrival of high priority jobs. Proactive strategy is considered, which exploits the concept of employee substitutability to improve the robustness of personnel allocation in the case of occurrence of specific types of disruptions. Solutions obtained using the model of a constraint satisfaction problem developed in this study are validated in series quantitative and qualitative experiments. With a view to future implementation in a Decision Support Systems dedicated to prototyping of proactive personnel allocation, a methodology employing the concept of a competency framework-based robustness measure is proposed. Implemented in a declarative framework, the proposed approach allows one to find a redundant competency framework robust to a given set of disruptions.

Managing Customer Journeys in a Nimble Way for Industry 4.0

In the Fourth Industrial Revolution, customers expect companies to provide journeys in line with rapidly changing expectations. This allows for great potential for project portfolios that can enable tailored experiences, powered by technology and insights coming from the 360° view of the customer, to improve the experience and touchpoints before, during or after the main interaction of customers with a company. This chapter will illustrate that project managers need to master a dual dynamic to do so. On the one hand, new types of projects, changing expectations and shifting habits offer humbling challenges. On the other hand, governance, change and delivery continue to be the foundational baseline. By integrating theoretical insights and real-life cases from conservative and progressive industries, the author wants to stimulate project managers. Rather than seeing Industry 4.0 as a transformational tsunami, they should see it as an opportunity to remain curious, nimble and committed, while working in a reality where rapidly changing demand entails growth, learning and great value.