Following previous posts about research in this field, I share an article today named Advancing project and portfolio management research: Applying strategic management theories. It's a long paper, yet it is good to keep as a future reference, because it contains a thorough summary of portfolio management literature.
I'll include here the first paragraphs so that you get an idea of what it is about:
"Project Management (PM) research and Project Portfolio
Management (PPM) research advance through the use of theories from the strategic management domain and, in turn, the
research contributes to the development and strengthening of
these theories by providing empirical examples for testing and
validation. This paper focuses on a set of theoretical strategic
perspectives — the Resource-Based View (RBV), the Dynamic
Capability (DC) concept, and the Absorptive Capacity (AC)
concept — and their application to PM and PPM research.
Through an overview of these strategic management perspectives and their application to PM and PPM research, this paper
aims to contribute to the development of this research field by
highlighting the challenges and lessons learned, and by providing examples and guidance for future research."
In fact, there is a very nice table before the conclusions where all this approaches are compared in a very compact way. But, if you don't want to go through it now, at least let me focus on the definition of the three concepts mentioned as theoretical strategic perspectives*:
- Resource-Based View (RBV): it's an approach that assumes that resources and capabilities are not uniform accross competing organizations and therefore this heterogeneity is used to explain differences in success rates.
- Dynamic Capabilities (DC): it's an approach that focuses on the organization's ability to build, configure and integrate internal and external capabilities to deal with sudden environmental changes.
- Absorptive Capacity (AC): it's an approach that is based on learning and acquiring knowledge from the external environment, sometimes reinforced by the use of internal strategies.
As you may see, there are endless concepts in the world of PM!
*All the definitions come from the aforementioned paper.
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