ISSN 1822-6515 ISSN 1822-6515 EKONOMIKA IR VADYBA 2011. 16 .docx

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EKONOMIKA IR VADYBA: 2011. 16 ECONOMICS AND
MANAGEMENT: 2011. 16
845
THE THEORETICAL APPROACH TO PROJECT PORTFOLIO
MATURITY MANAGEMENT
Bronius Neverauskas1, Ruta Čiutienė2
1 Kaunas University of Technology, Lithuania,
[email protected]
2 Kaunas University of Technology, Lithuania,
[email protected]
Abstract
This paper is indented to discuss theoretical approaches to
project portfolio management maturity.
Institutions use projects to solve strategic problems, to perform
integrated processes, to generate innovative
activity strategies. In order to be able to manage strategically
the competitive ability within business
environment, it is essential to discus about the maturity process
of projects, project portfolio and program’s
projects, their potential vista development as well as strategy
management within the organization. Expansion
of project based organizations only enhances project portfolio
management maturity significance.
Project portfolio management maturity models serve as an

instrument to criticize the project portfolio
management of organization. There are many models currently
available to assess project management
maturity. We can find different researches designed for of the
In this context authors present the theoretical approach of the
project portfolio management maturity
assessment. The paper demonstrates that project portfolio
maturity management is crucial project
management problem.
Keywords. Project portfolio, project portfolio maturity, project
portfolio maturity management,
excellence in project portfolio management.
JEL Classification: L21, M10, M12, M53.
Introduction
The environment is constantly changing and competition is
growing. Therefore, it can be said that their
elements are interconnected. Globalization, new developments
in technologies, recession and an instant
change of economics needs are bringing new challenges not
only to business companies but to different
organizations as well. An organization’s chosen approach to
project management can drive expected
changes through projects aimed at better meeting forthcoming
organization‘s needs. The need to manage
essential changes through project came into force in business
companies, public sectors and social
environment organizations. These institutions are using projects
in order to solve strategic problems, to
perform integrated processes, to generate innovative activity
strategies.

Project management is a dynamic and developing process in
scientific and study context. In order to
be able to manage strategically the competitive ability within
business environment, it is essential to discus
the maturity process of projects, project portfolio and program’s
projects, their potential vista development
as well as strategy management within the organization.
Expansion of project based organizations only
enhances project portfolio management maturity significance
The analysis of the plentiful scholarly discussions and practical
solutions shows that we can hardly
find a generally accepted concept and definition of the project
portfolio management maturity. However, a
lot of various definitions are suggested. Various approaches
depend on the research objective, the
researcher’s perception of the project portfolio management
maturity. It is presumptive there are various
cases researcher’s intent to find a multifunctional approach,
giving the priority to general features of the
Project portfolio management maturity models serve as an
instrument to criticize the project portfolio
management of organization. There are many models currently
available to assess project management
maturity. According to the literature, organizations are facing
with problems in some areas of project
portfolio management. The most important problematic area is
project human resource management.
Consequently the question is how to use purposefully the
development of project management maturity in
order to increase the organization’s competitiveness on the base
of human resource competence.

Therefore, the human resource competence development should
be identified for solving an arising
problem of project portfolio management maturity purposeful
development.
Another important aspect of project portfolio management is
associated with its maturity level
measurement. The analysis of the literature shows that we can
find different researches designed for of the
project portfolio management maturity. However, development
of it is complex including human resource
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846
training as well. Obviously different approaches depend on the
research objective, the researcher’s ability to
understand the nature of the phenomenon considered.
In this context authors present the theoretical approach of the
The attitude is presented and focused on the human resource
competence development.
In the case the constructive methodological approach was
chosen it enables to up-date the estimation
of the project portfolio management maturity and to develop the
researchers’ attitude to forward the progress
of researched problem. In this way, new approach based on

more wide-ranging problem management may be
helpful in achieving progress of project portfolio maturity
management.
The purpose of this paper is to analyze theoretical findings of
project portfolio maturity management
and to complement it.
Research methodology. This theoretical viewpoint illustrates the
various approaches of the project
portfolio maturity management and serves to amplify it.
As a result of the theoretical findings, the paper demonstrates
that project portfolio maturity
management is crucial project management problem. The
proposed complement relevant for the considered
problem should be identified as efficient tool for purposive
management of project portfolio maturity.
Shift to project-based management development
Organizations understanding new approach changeover all
activity fields on project-based
management. According to Kodama (2007), Billows (2008),
Thiry (2008), Meiliene & Ciutiene (2010) et al.
under new challenges the ways company uses projects must be
renovated; project-based management
approach is strong point as a tool to develop potential for the
organization strategic changes. During last
twenty years the role of project-based management expanded
and made a lodgement against all the odds. The
project-oriented now is widely common among well-known
world companies. Turner (2009) took note that
„30 percent of the global economy is Project based“.

Researches of different countries agree that companies’ single
projects are managed properly, but it
should not enough to endeavor the strategy of a project-oriented
company. The final report (Stasiukynaite ,
Viliunas, 2007) results of the research project orientation claims
that there are some reasons for improving
and developing project management. The project based activity
became as common and essential condition
effective endeavor to win competition. The main problem is
consentaneous management of company‘s
completeness all projects. It is necessary that programme
management and project portfolio management
should do integral.
Project-Based management attitudes were recognized in
companies as progressive management trend.
Many of experiences approved factors became as propulsion to
challenge fast emerging in progressive
companies. According Thiry M. (2008) Project-Based
management by the nature drives to create synergy
between company‘s strategy, Project and portfolio management
and the stakeholders cooperation
sustainable.
Why Project based companies emerged? Knowledge-based
economy is inherency of the 21st century.
Companies are operating under rapid transformations and deep
competence influence. Consequently
companies must be on the edge of creativity and competitive
continually. The structure of project-based
companies were developed to increase accelerate of company
long-time progress.
Definitions of project-based companies vary, but key points
remain. Kodama (2007) on the base of
wide number of researcher‘s opinion assay predicates that

project-based organizations are constrained to
build temporarily existing organizations for projects to be
carried out throughout possessing all internal and
external resources.
Our theoretical research intended to complement understanding
of project portfolio management by
suggesting another point for project portfolio management
maturity purposeful review.
On another hand, ruling the problem is obviously related with
project-oriented company mature.
Project-based organization‘s management is closely associated
to its programs and projects portfolio
strategies. Running internal and external transformations related
with organization competition must be
linked to the continual project management leading to project
management excellence.
The concept of the Project-Oriented-Organization has long-term
research history. Gareis (1987) was
positive that management by project has a future. Today
projects and their management are seen as far more
as enterprise project portfolio or program management. More
and more organizations in different countries
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847
are moving from single projects to multiply project management
by increasing strategic project portfolio
management (Neverauskas, Stankevičius, 2008; Moore, 2010).
The concept of project portfolio management maturity
Moderate or cardinal of project portfolio changeover is
meaningful to company’s management
processes. Project portfolio management must be readjusted as
well. Project portfolio and project portfolio
management are progressive tools to implement company’s
strategy by aligning their projects with business
long-term aims.
On another hand, project portfolio changeovers are weighty
stimulus and argument to develop and
sustain companies and project portfolio management maturity.
The field of research of project portfolio and
project portfolio management maturity is widely extended.
World known Project management institute
(PMI) from USA (1996, 2002, 2003, 2006, 2008a, 2008b,
2008c, 2009), Association for Project
Management from UK (http://www.apm.org.uk/) and other
institution and Ibbs & Kwak (2000), Kerzner
(1998, 2001, 2004), Skulmoski, (2001) et. al. as well are famous
with their researches on project maturity.
According Cooke-Davies (2007) a marked increasing number of
project management maturity models were
observed after 1990s. The results of analysis of the multiplicity
of research show changes of rethinking from
single project management to project portfolio management
(Martinsuo M. & Lehtonen P., 2007; Rajegopal,

McGuin P., Waller J., 2007; Lock, 2007; Leonard A.,
Swanepoel A., 2010). Often failures, pitfalls and other
problems of project portfolio management were bases of the
researches. World known project management
institute contributed to the discussion the significance of
proceedings as well as the standard for portfolio
management (Project management institute, 2006) and the
Standard for Program Management Project
Management Institute (2008).
The project management maturity concept was developing with
extreme consideration (Project
Management Institute, 2003; 2008). Investigations foundation
has mainly base witch states company’s level
ability to achieve its short-term and strategic objectives
(Rajegopal et. al., 2007). On the base of this
assumption it is possible to assent to a proposal Andersen &
Svein (2003) project maturity should be defined
as companies’ forwardness to use projects or companies’
receptivity to project management (Skulmoski,
2001).
Many Project Management Maturity Models exist: number of
levels of maturity varies from 5 to 8.
Some of models are simple, some are complex. Mainly five-
level project portfolio maturity models are
described in the project management literature. It’s nevertheless
true that there are no unanimous conceptions
of each level content. According some conceptions the first
level is named as „foundation“, meanwhile other
conceptions recognize this name for the second level. The upper
project portfolio maturity models level
describes superlative project portfolio management processes.
Project portfolio management model presented by Lee
Merkhofer Consulting group (2008) includes

five-levels: level 1 - Foundation; level 2 – Basics; Level 3 -
Value Management; level 4 - Optimization; level
5 - Core Competency. The Consulting group claims that the last
project portfolio maturity model level
demonstrates company‘s core competency. It’s evident that
company‘s core competency drives to project
portfolio management excellent.
Robertson‘s Project Management Maturity Model
(http://www.klr.com/white_papers/pdfs/pm_
maturity_model.pdf) aggregate five-levels too: lowermost level1
– Adhoc – fixates no formal consistent
process; consistent, basic approach to Project performance is
described by level 2 – Foundation -; level 3 and
level 4 identify more developed Project processes; the
uppermost level 5 – Optimizing - is inherent only for
Project-centered organizations. Usually these type companies
implement succession thorough improvement
of multiply Projects management. Project portfolio
management maturity model can be used as
comprehensive management tool to recognize company’s
decision of right move by ladder of success to
improve capability of Project portfolio management processes.
MPCM (Maturity by Project Category Model)
(http://www.maturityresearch.com/novosite/en/
index.html) presents Archibald & Prado site „Maturity in
Project management“. World-known
organization‘s IBM consultant Darci Prado introduces the Prado
Project Management Maturity Model
(Prado-PMMM) based on his long-term management experience
of Brazilian organizations. Prado-PMMM
combines 5 consequent levels as initial, known, standardized,
managed and optimized with 6 dimensions
Technical and contextual competence, Methodology,
Informatization, Strategic alignment, Behavioral

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Competence, Organizational Structure . The expanded model is
potential one more of management tools for
Project portfolio management maturity complex examine.
Gartner (2008) suggested Program and Portfolio management
maturity model (PPM). Gartner‘s PPM
delineate comprehensive matrix with 6 maturity levels. Program
and Portfolio management progression
moves series from level 0 (nonexistent – ad-hoc) to level 5
(0ptimized – enterprise-orientation).
Organizations using the Gartner PPM Maturity Model
realistically assess their maturity level through 5 core
dimensions as well people, PPM processes, technology,
financial management and relationships. The
exceptional element of Gartner‘s PPM serviceable for right
understanding Project and Portfolio Management
processes level is Project structures used to maturity levels. It
helps to better revising and alignment
company‘s strategic objectives.
We consider that Portfolio, Programme and Project Management
Maturity Model developed by United

Kingdom Office of Government Commerce (OGC)
(http://www.ogc.gov.uk/documents/p3m3.pdf) should be
appreciated as invaluable management tool to improve PPP
management. Experienced team (Road Sowden,
David Hinley, Steve Clarke et.al) in wide consulting with
stakeholders presents constantly innovated
Portfolio, Programme and Project Management Maturity Model
P3M3 versions of OGC. The P3M3 is the
multiply model integrating Project management, Programme
management and portfolio management.
Portfolio, Programme and Project Management Maturity Model
P3M3 contains five-level components:
awareness of process (level 1), repeatable process (level 2),
defined process (level 3), managed process (level
4) and optimized process (level 5). The P3M3‘s value have been
increased with possibility to review
company‘s Project, Programme and portfolio management
throughout the process perspectives.
Unfortunately, PM solutions‘(2005) and other researchers are
announcing that only a very small
segment of companies are over the second level. Having
discussed in brief of company‘s Project, different
Programme and Portfolio management maturity models are
driving to the next steps leading to identifying of
maturity management strategy. It is important for companies as
far as possible to identify straight Portfolio
management strategy. There are number of known models
should be used for identifying right maturity
management strategy. By our view under the circumstances of
deep competitive ability of Project excellence
model (PEM) foundation is mostly reasonable for identifying
companies’ project portfolio strategies. In
1998 Kerzner H. solidified excellence in Project management
knowledge and presented basic conception of
the Excellence in project management. This conception

integrates the following six components as
behavioral excellence, integrated processes, culture,
management support, training and education and
informal Project management. Project excellence understanding
later was developing by the same author
(Kerzner, 2001, 2004, 2009), also Eddie Westerweld and
International Project Management Association
(IPMA) as well (Turner, 2009).
There are some differences between the conventional companies
and companies running in the
excellence in Project management way. They achieved marked
advance and are strong in growth and
changing Project management maturity path. To endeavor more
potential benefits company must adopt and
develop Project, Programme and Portfolio maturity management
methodology at perfection (Vysocki, 2009).
Approach of Project Portfolio Management maturity
development
Knowledge age forces companies must pay more endeavors to
develop and improve Project Portfolio
Management capability through increasing Portfolio
Management Maturity. The principles of organisational
intelligence were started to apply for strategy development from
business companies to University
(Staskeviciute, Neverauskas, Ciutiene R., 2006).
http://www.ogc.gov.uk/documents/p3m3.pdf

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Figure 1. Project portfolio management re engineering
In our view, strategies for the further development of the
company‘s Project management maturity
can be defined by using Blue Ocean Strategy, developed by
Chan Kim and Mauborgne Renée (2005). On the
base of Chan Kim and Mauborgne Renée Blue Ocean strategy
four different but simultaneously integrated
companies’ project-based management resolutions should be
discussed (figure 1):
1. Which of the projects is crucial and hasn‘t determinate
impact to the company’s strategy,
wherefore should be eliminated? This question forces company
to consider eliminating factors no
longer intrusive in project portfolio.
2. Which of the projects priority should be reduced well below
the project portfolio/program level?
The question forces company to determine whether is
overdesigned projects in portfolio.
3. Which of the projects priority should be raised well above the
project portfolio/program level?
This question forces company to revise portfolio and to increase
resources for projects considering
eliminating compromises have been done before.

4. Is there requirement which of the projects should be created
that the project portfolio/program has
never involved? The question drives company to discover
requirement of new activities projects
considering stakeholders’ and social partner’s interests.
Conclusions
• In considering the aim a comprehensive framework for the
theoretical analysis of the project-based
companies and the development of a management maturity
model has been presented in this paper.
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• This theoretical viewpoint illustrates the various approaches
of the Project, Programme and
Portfolio management maturity in companies and bases new
strategic expectations considered and
stakeholders’ interest as well.
• Measured Project, Programme and Portfolio management
maturity is often understood as how
good a company can manage its projects. But the key question is
what competency company has
and how good it is used to select the right projects. Maturity
model is one of management tools to

be used to measure companies’ potential abilities.
• In our point suggested Chan Kim and Mauborgne Renée four
actions framework is a proper
management tool for company to create new value throughout
Project, Programme and Portfolio
management maturity purposeful development.
• This is in the usual run of things Project portfolio contains
different types of Project. Consequently
different project-management approaches must be readjusted.
• We have explored of the project based companies forthcoming
research topics to be developed:
– Both non project –based companies and particularly project –
based companies are divided to
many groups of processes. The corresponding different
processes must be integrated in to
mainly all projects. Resembling needs exact coordination.
– The second one: Similar processes follow both within the
company both appear also in
different stakeholders organizations. The company are forced to
outsource many activities
and services to safeguard project –based company‘s activity.
References
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However, users may print, download, or email
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DUE DATE: 09 Dec 2017 DUE TIME: 20:00Hrs
TOTAL Budget: $20.00
This assignment is in two parts.
Part 1:
DUE DATE: 08 Dec 2017 DUE TIME: 15:00Hrs GMT
Strategic Approaches to Project Portfolio Management
Read the attached article before responding to the question.
Neverauskas, B., & Ciutiene, R. (2011). The theoretical
approach to project portfolio maturity management. Economics
& Management, 16, 845–851.
Note: Reflection for this article - Do you have experience
dealing with an international project team?
Often dealing with individuals that are using English as a
common means of communication, although it may not be their
native language, puts us in a position to do the best we can
extracting technical nuggets, even when the material or written
communication may not be what many native English speakers
deem to be easy to read or understand. This particular article
was selected on purpose by the course developers to give
everyone in this course an opportunity to experience an

international scenario.
At any one time, firms manage a diversity of projects all at
different stages of evolution. Some firms manage their project
portfolios through the management systems and processes
applied to operational activities while others are increasingly
relying on one or multiple project management systems. This
reading assignment is intended to discuss theoretical approaches
to project portfolio management maturity. Institutions use
projects to solve strategic problems, to perform integrated
processes, and to generate innovative strategies. In order to be
able to manage strategically within business environment, it is
essential to discuss the maturity process of projects, project
portfolio, and programs, their potential development as well as
strategy management within the organization.
The expansion of project-based organizations only enhances the
significance of project portfolio management. The results of a
correspondence analysis show that project size, impact, and
complexity were the most significant variables in the formation
of project portfolios.
Question: What were the authors’ conclusions, and do you agree
or disagree? Be sure to substantiate your analysis of your
position (premise) and synthesize the results of your analysis
into a stated conclusion or conclusions.
…………………………………………………………………………
……………………………………

Part 2:
DUE DATE: 09 Dec 2017 DUE TIME: 20:00Hrs
TOTAL Budget: $20.00
The practice of project management has been with us for a long
time. This discipline and its evolution as a profession are
detailed throughout this course. Today, project management has
reached a maturity that entitles it to a rightful place in the
practice and the literature in the field of Management and
Business Administration. However, the ability of the project
management profession to remain viable in an ever- changing
world is dependent upon the members of the profession to
recognize change and to adjust to that change for the good of
the organization.
Write a focus paper on the necessity of projects and project
management as vehicles to accomplish an organization’s
strategic goals. Include in your argument the evolving changes
in the world that will affect the way projects are managed, what
human and organizational changes you think will allow for the
improvement of project management and, what alternative or
enhancement to project management do you see evolving.
Remember, a focus paper is an argumentative essay that

attempts to persuade the reader of the truth or plausibility of a
specific claim or position. A focus paper is NOT a summary,
commentary, journal entry, personal reflection, analysis,
compare and contrast essay, or an expository essay. The
objective is NOT to convey information, show how much you
know, or analyze a text. Rather, the primary goal is to persuade
the reader that an important, interesting, and debatable thesis is
true or plausible, and that the alternative position is untenable.
Criteria for the Assignment
● Select any project (your choice, a project you know about or
one that you would like to be involved with).
● Map organizational objectives, goals, and strategies to the
project outcomes.
● Discuss (at the level of practical application) if the project
organization reflects organizational strategies.
● Discuss (at the level of practical application) if there has been
a proper selection of project sponsor and project manager.
● Demonstrate the adequacy of project policies, procedures, and
techniques.
● Discuss (at the level of practical application) the uses of
scope, risk, time, cost, and quality with associated planning and
performance standards.
● Discuss (at the level of practical application) how to
communicate the project to the Organization and stakeholders.

Components
● Cover page (please see sample Unit 1 Assignment)
● Table of contents
● Executive summary
● Body of the focus paper (use Headings to organize)
● Conclusion stated as a recommended solutions or
improvements in terms of project management techniques and
tools.
● Reference page, a minimum of three scholarly journal or
textbook source references cited and credited according to APA
format using a minimum of six intext citations.
● The paper should be focused and to the point and containing
between 600 and 800 words from the Executive Summary to the
end of your Conclusion.
Grading Rubric
Points Possible
Points Earned
Content (50 pts)
Response successfully answers the assignment question(s);
thoroughly uses the text and other literature. Includes a strong
thesis statement, introduction and conclusion. The main points
of the paper are developed clearly. All arguments are supported
well (no errors in logic) using outside sources as assigned.

25
Sources are primarily academic journals, with thoughtful use
Web sources. References are applied substantively to the paper
topic. Skillfully addresses counter-arguments and does not
ignore data contradicting its claim. Refers to sources both in-
text and in the reference page.
25
Analysis (30 pts)
Response exhibits strong higher-order critical thinking and
analysis (e.g., evaluation). Paper shows original thought.
10
Analysis includes proper classifications, explanations,
comparisons and inferences.
10
Critical thinking includes appropriate judgments, conclusions,
and assessment based on evaluation and synthesis of
information.
10
Writing (20 pts)
Grammatical skills are strong with typically less than one error
per page. Correct use of APA when assigned.
6
Appropriate to the assignment, fresh (interesting to read),
accurate, (no far-fetched, unsupported comments), precise (say
what you mean), and concise (not wordy).

8
Project is in 12-point font. Narrative sections are double-spaced
with a double space between. Project is free of serious errors;
grammar, punctuation, and spelling help to clarify the meaning
by following accepted conventions.
6
Total
100

ISSN 1822-6515 ISSN 1822-6515 EKONOMIKA IR VADYBA 2011. 16 .docx

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