Project Portfolio Selection considering interdependencies: A review of terminology and approaches

Abstract

Project Portfolio Selection (PPS) is a relevant activity in organizations to define the best set of projects to pursue their strategic objectives. Previous works have presented diverse and sometimes conflicting understandings of the meaning and implications of interdependencies to PPS. This paper presents a literature review encompassing the terminology and the multiple approaches available. We depict an unprecedented contribution to PPS research by proposing a novel definition for relationships between projects that organizes and clarifies the meanings of the pre-existing definitions for interdependencies, interactions, and synergy and fulfills the existing gaps in those current definitions. We also present a comprehensive overview of how future developments can improve PPS in organizations by considering these relationships. Thus, this work enables future research and practice to build upon the underlying concepts presented and to address the trends for PPS and program implementation.

Keywords

• Portfolio optimization
• Project portfolio selection
• Portfolio decision analysis
• Project interdependency
• Project interaction
• Project synergy