Modeling for project portfolio synergy benefits measurement

Bai, L; Lin, J; Zhang, L; Pan, T; Ke, Y; Zhou, X

Modeling for project portfolio synergy benefits measurement

Bai, L Lin, J Zhang, L Pan, T Ke, Y

Zhou, X

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Publisher:: Taylor and Francis Group
Publication Type:: Journal Article
Citation:: International Journal of Modelling and Simulation, 2024, ahead-of-print, (ahead-of-print)
Issue Date:: 2024-01-01

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Field	Value	Language
dc.contributor.author	Bai, L
dc.contributor.author	Lin, J
dc.contributor.author	Zhang, L
dc.contributor.author	Pan, T
dc.contributor.author	Ke, Y https://orcid.org/0000-0003-3426-703X
dc.contributor.author	Zhou, X
dc.date.accessioned	2024-06-11T06:28:52Z
dc.date.available	2024-06-11T06:28:52Z
dc.date.issued	2024-01-01
dc.identifier.citation	International Journal of Modelling and Simulation, 2024, ahead-of-print, (ahead-of-print)
dc.identifier.issn	0228-6203
dc.identifier.issn	1925-7082
dc.identifier.uri	http://hdl.handle.net/10453/179476
dc.description.abstract	Generated by internal synergy relationships in project portfolio (PP), project portfolio synergy benefits (PPSBs) are essential for enterprises to achieve their strategic objectives. However, few studies have been conducted on measuring PPSBs, which hinders managers from making rational use of PP synergy relationships to realize and improve PPSBs. This research deals with this issue by constructing a PPSB measurement model. First, the PPSB measurement model elements, including PP synergy, PPSB measurement criteria, and PPSB influencing factors, are identified. At this stage, to integrate PP synergy into the measurement model, a new method that emphasizes project similarity based on the project niche is proposed to quantify it. Then, a system dynamics model is developed by quantifying the causal relationships within these elements to measure PPSBs. Finally, the proposed model is demonstrated and validated with a numerical example. Results show that this model can help managers to measure and optimize PPSBs. To our knowledge, this proposed model is the first to realize the measurement of PPSBs, enriching the literature on project portfolio management and providing managers with a tool for enhancing the PPSBs following the organization strategy.
dc.language	English
dc.publisher	Taylor and Francis Group
dc.relation.ispartof	International Journal of Modelling and Simulation
dc.relation.isbasedon	10.1080/02286203.2023.2238370
dc.rights	info:eu-repo/semantics/embargoedAccess
dc.rights	This is an Accepted Manuscript of an article published by Taylor & Francis in International Journal of Modelling and Simulation on 21 Jul 2023, available online: http://www.tandfonline.com/10.1080/02286203.2023.2238370
dc.subject	0802 Computation Theory and Mathematics, 0803 Computer Software, 1702 Cognitive Sciences
dc.subject.classification	Industrial Engineering & Automation
dc.subject.classification	4602 Artificial intelligence
dc.subject.classification	4901 Applied mathematics
dc.title	Modeling for project portfolio synergy benefits measurement
dc.type	Journal Article
utslib.citation.volume	ahead-of-print
utslib.for	0802 Computation Theory and Mathematics
utslib.for	0803 Computer Software
utslib.for	1702 Cognitive Sciences
pubs.organisational-group	University of Technology Sydney
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	embargoed	*
pubs.consider-herdc	false
utslib.copyright.embargo	2024-07-21T00:00:00+1000Z
dc.date.updated	2024-06-11T06:28:50Z
pubs.issue	ahead-of-print
pubs.publication-status	Published
pubs.volume	ahead-of-print
utslib.citation.issue	ahead-of-print

Abstract:

Generated by internal synergy relationships in project portfolio (PP), project portfolio synergy benefits (PPSBs) are essential for enterprises to achieve their strategic objectives. However, few studies have been conducted on measuring PPSBs, which hinders managers from making rational use of PP synergy relationships to realize and improve PPSBs. This research deals with this issue by constructing a PPSB measurement model. First, the PPSB measurement model elements, including PP synergy, PPSB measurement criteria, and PPSB influencing factors, are identified. At this stage, to integrate PP synergy into the measurement model, a new method that emphasizes project similarity based on the project niche is proposed to quantify it. Then, a system dynamics model is developed by quantifying the causal relationships within these elements to measure PPSBs. Finally, the proposed model is demonstrated and validated with a numerical example. Results show that this model can help managers to measure and optimize PPSBs. To our knowledge, this proposed model is the first to realize the measurement of PPSBs, enriching the literature on project portfolio management and providing managers with a tool for enhancing the PPSBs following the organization strategy.

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http://hdl.handle.net/10453/179476