Abstract:
Project portfolio management is the centralized management of an organization’s projects. Organizations increasingly strain to achieve a successful project portfolio with various management approaches. These approaches improve the standard of the management process by assessing the purpose of projects and prioritizing them cogently to make the project portfolio a success. The lack of substantial empirical evidence provides an obscure picture of the key advantages of project portfolio management in different circumstances. This research attempted to clarify the ambiguity concerning the positive or negative roles of external turbulence and competitive intensity in project portfolios. This quantitative research is based on the sample drawn from the construction firms in the major cities of Pakistan, from where 383 project portfolio managers of the construction projects provided the information by adopting a simple random sampling method. The hypotheses have been analytically verified using structural equation modelling (SEM) to analyze the data through AMOS. The results have shown a positive relationship between project portfolio structuring management, project portfolio steering management, and its success in the presence of mediators and moderators. The study reveals a positive relationship between project portfolio structuring and steering management and overall project success, particularly when considering mediators and moderators. Utilizing dynamic capability theory, it demonstrates how effective project portfolio management enhances organizational adaptability and resilience, which is crucial for maintaining a competitive edge amid external challenges. The correlations between independent and dependent variables are strengthened by including mediating factors like project portfolio management quality and team innovative behaviour, as well as moderating factors such as external turbulence and competitive intensity. This research provides practical implications for Pakistani managers, highlighting the necessity of adapting project portfolio management strategies to contemporary challenges and developing a framework that connects structuring and steering management to success. Ultimately, it contributes valuable insights to the project management literature.
