Project portfolio optimization as a part of strategy implementation process in small and medium-sized enterprises: a methodology of the selection of projects with the aim to balance strategy, risk and performance

Abstract

Project management processes are included in international standards such as the PMBOK® (PMBOK, 2013), the PRINCE 2® (PRINCE2, 2017) and the IPMA® (IPMA, 2015).These standards are internationally recognized and used.In this context, the German environment regularly uses the term 'multi-project management', which means the complex planning, coordination and control of multiple, mostly mutually dependent projects within one organisation / organisation unit.The defi nition of multi-project management is based on DIN 69901, which defi nes multiproject management as 'an organisational and procedural framework for managing more than one partial project' and is thus ranked into the systems of management.If more projects are to be implemented simultaneously within an organisation, the nature of multi-project management enables this expectation.This subject has been addressed by many authors such as Aritua, Smith, and Bower (2009), Seidl (2011), Lomnitz (2004), Lukesch (2000), Steinle, Eßeling, and Mach (2010), Archer and Ghasemzadeh (1999) and many others.A survey of empirical studies is exemplifi ed by Martinsuo (2013) or Verbano and Nosella (2010).Project portfolio development is one of the key phases of PPM.Its output is an optimized portfolio, the implementation of which contributes to the fulfi lment of strategic goals and complies with the fi rm's strategy.To meet this demand, the portfolio development process must meet specifi c requirements in terms of the content and progress of its creation.

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