While the concept of project portfolio management (PfM) is understandable due to its association with, and application of, concepts in the financial portfolio management discipline, as well as its relatedness to theories such as Modern Portfolio, Multi-Criteria Utility, Organizational, ­Systems, and Complexity (refer to Appendix 1), the practical application of PfM still had gaps and lacked consistency. This was evident from an investigation into the practice of PfM, which lead to the development of the model presented in Chapter 2, an extension of the model in ­Chapter 3, and an illustration of how the model would work.

In managing a project portfolio, an understanding of both the individual and cumulative ...

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