Value constructs in multi-stakeholder environments that influence project portfolio decision making

TL;DR: In this paper, the authors draw on organization, business, stakeholder and project management literature to consider different perspectives of value, and integrate stakeholder theory and sense-making in its investigation of value in multi-stakeholder portfolio environments.

Abstract: A key goal for project portfolio management (PPM) is to maximize strategic value across the portfolio. In certain industries, particularly in the context of non-commercial sectors, the 'value' generated by the portfolio may not always fit with typical PPM frameworks that emphasize financial value. Furthermore project and portfolio 'value' are complex phenomena due to the multiple and sometimes contradicting expectations demanded by multiple stakeholders that participate in and influence the ways that PPM decisions incorporate value. This paper draws on organization, business, stakeholder and project management literature to consider different perspectives of value, and integrates stakeholder theory and sensemaking in its investigation of value in multi-stakeholder portfolio environments. It highlights the key question 'Value for whom, value by whom' and proposes that multiple case-studies of a diverse sample of project-based organizations would be useful to address this question. A Hybrid Delphi study using expert panels is also proposed to triangulate the findings.