Articlehybrid2023

Portfolio management: A new direction in public sector strategic management research and practice

26 citations0/0 files storedPublic Administration Review

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Public Policy and Administration Research Evaluation and Performance Assessment Public Administration and Political Analysis

Abstract

Abstract Portfolio management is widely used by large government agencies and nonprofits, but it is rarely discussed in public administration scholarship. Portfolio management tools can illuminate groups of projects that should be considered as priority investments by highlighting the relationship of risk to outcomes. This article explores historical and theoretical reasons for the neglect of portfolio management, and then proposes using portfolio management to update a classic strategic management framework to guide organizational choices in public administration. Though portfolio management ideas originated in the private sector, public sector portfolio management differs from its private sector counterpart by trading off risk with public value or mission outcomes rather than financial outcomes. Portfolio management is a tool to incorporate risk to mission in investment decisions. It holds promise for adding an intermediate‐level implementation tool to develop theories of public value. The paper concludes with hypotheses for future investigation.

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References

2007Collaborative Governance in Theory and Practice 1996Crossing the great divide: Coproduction, synergy, and development 2003Megaprojects and Risk 2007Public Values 2005The New Governance: Practices and Processes for Stakeholder and Citizen Participation in the Work of Government 1999An integrated framework for project portfolio selection 2017When the State Meets the Street 2014Should we build more large dams? The actual costs of hydropower megaproject development

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