An integrated model for evaluation and optimisation of business project portfolios

An Integrative Review of Project Portfolio Management Literature: Thematic Findings on Sustainability Mindset, Assessment, and Integration

“…To date, the research showed that PPM practices adopted approaches emphasizing technical and financial analyses, with less attention on balancing the three TBL pillars of sustainability, in particular beyond the prominent focus on financial criteria to include and enhance social and environmental values (Ma et al, 2020; Tinoco et al, 2018; Vandaele & Decouttere, 2013). This was reflected in the notable emphasis in recent research by Mohagheghi et al (2019) that “financial criteria are no more the only or the most important factors and… considering the social and environmental aspects of project portfolios is one of the recent trends applied in PPS” (p. 1401).…”

“…The TBL pillars have yet to be balanced. The PPM practices primarily adopted approaches emphasizing technical and financial analyses with less attention to balancing these pillars with sustainability’s environmental and social aspects (Tinoco et al, 2018; Vandaele & Decouttere, 2013).…”

“…There was consensus in the primary articles on the impact of strategic clarity and alignment (including sustainability goals) with successful portfolio performance measurement and control (Brook & Pagnanelli, 2014; Khalili-Damghani & Tavana, 2014; Schipper & Silvius, 2018). The primary articles discussed sustainability performance measurement via product or project life cycle assessment (Labuschagne & Brent, 2005; Russell & Shiang, 2013) and portfolio optimization models with sustainability goals (Kudratova et al, 2020; Mohagheghi & Mousavi, 2021; Tinoco et al, 2018). However, none of the primary articles shed light on the practical mechanisms under which portfolio steering teams collect sustainability information from the portfolio components and make sustainable decisions for PPM.…”

Dynamic Portfolio Selection in Gas Transmission Projects Considering Sustainable Strategic Alignment and Project Interdependencies through Value Analysis

“…Khalili-Damghani and Tavana [26] proposed a conceptual framework that integrates the sustainability and strategic themes with the portfolio selection procedure. While the sustainable focus on project portfolio evaluation selection may lead to long-term benefits for organizations [27], few practical works consider sustainability issues in the project portfolio selection context [28]. Dobrovolskiene and Tamošiuniene [28] developed a sustainabilityoriented portfolio model by integrating a sustainability index of projects into the classic Markowitz mean-variance framework.…”

“…They concluded that considering sustainability alters the structure of a portfolio. Various approaches defined sustainability using a combination of three dimensions-namely, the environmental (ecological), economic, and social dimensions [27,29]. Some criteria from the technical concerns are suggested to be integrated into the sustainability assessment [30].…”