A five-step process proposed in includes (1) formulating the investment strategy of the portfolio (2) determining the projects’ types that eligible for the portfolio (3) assessing and prioritizing the candidate projects for the portfolio (4) constructing a balanced portfolio that meets the investment goals, and (5) monitoring and controlling the performance of the project portfolio. Similarly, and propose a three-step process involving (1) evaluating and selecting the potential projects, (2) prioritizing candidate projects, and (3) estimating the available resource inventory.
The four steps selection model given in and consists of (1) identify and categorize projects (2) evaluate and prioritize projects (3) authorize projects and (4) report and revise the project portfolio. Another framework provides an insight into the staging concept for project selection. Therefore, this paper aims to fill the gap to develop a generic framework that considers the selection steps and managerial capabilities.Ī framework for selecting a project portfolio is provided in by focusing on pre-project and post-project processes. mention that an organization’s managerial capabilities can support project sustenance. Also, the importance of managerial capabilities has often been not considered explicitly. The current research focuses on selection methods, but it is not explicit about the dynamic situation for a project selection cycle. Good governance management promotes organizational mechanisms to ensure organizational growth. These managerial capabilities support resource optimization and competitive value generation to achieve organizational goals. In addition, the selection process should also consider organizational managerial capabilities such as resource management, value management, governance, risk management (), and stakeholder management (). Therefore, resulting projects may have problems in project coordination and management. Further, project selection is also subject to changes in the business environment and the associated risk. Authors have provided different selection frameworks, but they are usually specific to a given project situation or project type. The strategic project selection requires the analysis of projects in different steps. The paper provides value to both researchers and practitioners in terms of tools available and a guidance on project selection through a structured process framework. Some possible research directions have also been proposed at the end of the review.
The review shows that both qualitative and quantitative methods are used for strategic project selection. The framework is used for literature analysis in the paper. The generic processes and managerial capabilities are used to develop a generic framework for strategic project selection. Based on the four research questions and content analysis of the literature, generic processes used for the strategic project selection in tandem with the managerial capabilities are identified in this paper. Therefore, organizations focusing on strategic projects should use a consistent approach that suits their strategy, capability, and long-term expectations. These projects aim at gaining long-term social and economic benefits. Strategic projects are large scale, complex, and require significant investments and resources.