Dynamic assessment modelling for project portfolio benefits. Issue 7 (14th July 2022)

• Record Type: Journal Article
• Authors: Bai, Libiao; Sun, Yichen; Shi, Huijing; Shi, Chunming; Bai, Jieyu; Han, Xiao
• Is Part Of: Journal of the Operational Research Society. Volume 73:Issue 7(2022)
• Page Start: 1596
• Page End: 1619
• Publication Date: 2022-07-14
• Subjects: Project portfolio benefits -- benefit assessment -- system dynamics -- synergetic effect; Operations research -- Periodicals; 658.4034
• DOI: 10.1080/01605682.2021.1915193
• Languages: English
• ISSNs: 0160-5682

Abstract

Abstract: Project portfolio benefits (PPBs) are typically regarded as a key feature for successful project portfolios in practice. However, there is little prescriptive knowledge that offers guidance on how to tackle the realisation and improvement of PPBs. To narrow this research gap, we develop a systematic assessment model to analyse and optimize PPBs. Innovatively considering the recessive benefits resulting from synergies among different project components, four subsystems of PPBs are identified. Subsequently, by synthesizing the interrelations within and between subsystems, a system dynamics model is developed to assess PPBs dynamically. Then, a numerical example is adopted to validate the applicability and effectiveness of the proposed model. It can be concluded that the model is exploitable in academia and practice. For academia, this study expands benefit management tools and provides a theoretical basis for project portfolio benefit optimization. For practitioners, the straightforward model and procedure contribute to enhancing the management of PPBs.