PurposeTo create a benchmark and identify best practices for Project Portfolio Management (PPM) for both tangible product-based and service product-based development project portfolios. DesignA questionnaire was developed to gather data to compare the PPM methods used, PPM performance, PPM challenges, and resulting new product success measures in sixty Australian organisations in a diverse range of service and manufacturing industries. FindingsPPM practices are shown to be very similar for service product development project portfolios and tangible product development project portfolios. New product success rates show strong correlation with measures of PPM performance and the use of some PPM methods is correlated with specific PPM performance outcomes. 2 Research Limitations/ImplicationsThe findings are based on a survey of a diverse sample of sixty Australian organisations. The results are strengthened by comparisons with similar North American research, however may not be representative of all environments. Research in other regions would further qualify the findings. As each organisation's PPM process is unique, case study methods are recommended for future studies to capture more of the complexity in the environment. Practical ImplicationsPPM practitioners and executives who make decisions about the development of tangible products and/or service products will benefit from the findings. ValueThis study extends the existing understanding of PPM practices to include service development project portfolios as well as tangible product development project portfolios and strengthens the links between PPM practices and outcomes.

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■ Projects are expected to bring value to their constituents. Value management in project portfolios has centered on the maximization of commercial value and identification of future business prospects. In this study, the goal is increased understanding of the identification and assessment of strategic, non-commercial value in project portfolios. We map the relevant dimensions of strategic value and supplement previous frameworks with the non-commercial aspects. Ecological, societal, and learning values have only been studied conceptually and qualitatively in earlier research. We propose future research on these values in quantitative settings and exploring collective sensemaking as part of project portfolio value management.

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Formal strategy processes have been shown to be insufficient in shaping strategy, particularly in turbulent environments. Emerging strategies that constitute independently from deliberate top-down strategy processes are important for organizational adaptability.This study explores strategic control mechanisms at the project portfolio level and their influence on emergent and deliberate strategies. Based on a sample of 182 firms, we show that both deliberate and emerging strategies positively influence project portfolio success, complementing each other. In turbulent environments, the relevance of deliberate strategy implementation decreases. Strategic control activities not only fosters the implementation of intended strategies, but also discloses strategic opportunities by unveiling emerging patterns.Furthermore, we find that deliberate strategy implementation and emerging strategy recognition mediate the performance impact of strategic control. Our findings suggest that strategic control at the project portfolio level has an important role to play in the purposeful management of emergent strategies.