Ci a ion: Micán, C.; Fe nandes, G.;
A aújo, M. Disclosing he Taci Links
be ween Risk and Success in
O ganiza ional De elopmen P ojec
Po olios. Sus ainabili y 2022,14,
5235. h ps://doi.o g/10.3390/
su14095235
Academic Edi o : Michele G imaldi
Recei ed: 25 Ma ch 2022
Accep ed: 21 Ap il 2022
Published: 26 Ap il 2022
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sus ainabili y
A icle
Disclosing he Taci Links be ween Risk and Success in
O ganiza ional De elopmen P ojec Po olios
Camilo Micán1,* , Gab iela Fe nandes 2and Madalena A aújo 3
1School o Indus ial Enginee ing, Uni e sidad del Valle, Cali 760034, Colombia
2CEMMPRE, Depa men o Mechanical Enginee ing, Uni e si y o Coimb a, 3030-788 Coimb a, Po ugal;
[email p o ec ed]
3ALGORITMI, Depa men o P oduc ion and Sys ems, Uni e si y o Minho, 4800-058 Guima ães, Po ugal;
[email p o ec ed]
*Co espondence: camilo.mican@co eouni alle.edu.co
Abs ac :
P ojec po olios aim o impac o ganiza ional s a egic goals, in luencing bo h he o ga-
niza ion’s business model and i s p ocesses. None heless, he ac ual impac is dependen on he
po olio’s success, which is a ec ed by he ma e ializa ion o isk ac o s. This s udy aims o examine
he aci concep ualiza ion o p ojec po olio isk as a isk measu e explici ly based on p ojec po -
olio success i sel . In o de o ocus on he po olios o o ganiza ional de elopmen p ojec s, Social
Rep esen a ion Theo y was adop ed o analyze empi ical e idence om wen y-eigh semi-s uc u ed
in e iews conduc ed wi h p ojec po olio p ac i ione s. Findings showed ha s a egic i , u u e
p epa edness, and s akeholde sa is ac ion we e dimensions o success wi hin which p ojec po olio
isk could be concep ualized. Addi ionally, esul s e idenced ha isk ac o s in luenced p ojec
po olio success h ough sys ema ic and non-sys ema ic impac s on p ojec po olio ou pu s, and
also had di ec impac s on p ojec po olio ou comes. This pape p o ides empi ical e idence o
back up he concep ualiza ion o p ojec po olio isk explici ly o ien ed o po olio success as a
mul idimensional isk measu e. I ep esen s a new a enue o conduc ing po olio isk analysis
o bo h p ac i ione s and academics, o ien ing he decision-making p ocess based on he po olio
success a he han only on he success o each p ojec .
Keywo ds:
p ojec po olio isk; isk managemen ; p ojec po olio success; po olio managemen ;
isk ac o s; o ganiza ional de elopmen po olios
1. In oduc ion
Inc easing global compe i ion and g owing a en ion o en i onmen al and social
issues ha e led o ganiza ions o ecognize ha o be economically, ope a ionally, and
s a egically sus ainable, hei business models and p ocesses mus be aligned wi h hese
compe i i e, en i onmen al, and social changes [
1
,
2
]. In his ega d, p ojec s ep esen a
common and sui able way o d i e changes in o ganiza ions [1].
These o ganiza ional changes mus i in o a coo dina ed c oss-p ojec s uc u e ha
enables he o ganiza ion o be compe i i e in he u u e while enhancing sho - e m pe -
o mance and leading o long- e m sus ainabili y [
2
,
3
]. P ojec po olios aim o achie e
desi ed mid- o long- e m o ganiza ional ou comes ha impac business models and he
p ocesses o companies [2,4].
A p ojec po olio ep esen s a se o p ojec s and p og ams o ien ed owa ds achie -
ing speci ic o ganiza ional objec i es [
2
,
5
]. Po olio managemen has been associa ed
wi h he ope a ionaliza ion o o ganiza ional s a egy [
6
], while seeking o add ess and
in eg a e di e en s akeholde s a he o ganiza ional le el [
7
]. Thus, an app op ia e p ojec
po olio model can p o ide an oppo uni y o g ow sus ainably, imp o e s a egic business
pe o mance, and achie e a sus ainable compe i i e posi ion in esponse o he changing
en i onmen in which o ganiza ions a e imme sed [
2
,
8
]. Howe e , he po olio’s esul s
Sus ainabili y 2022,14, 5235. h ps://doi.o g/10.3390/su14095235 h ps://www.mdpi.com/jou nal/sus ainabili y
Sus ainabili y 2022,14, 5235 2 o 19
may no sa is y expec a ions due o he ma e ializa ion o ‘ isk ac o s’ [
5
,
9
]. In line wi h he
abo e, he concep o sus ainabili y has isk managemen as one o i s ecognized impac
a eas [9].
Risk is ela ed o decision-making p ocesses speci ic o each o ganiza ion, being
connec ed o all o ganiza ional le els [
10
]. Fo ins ance, wi hin p ojec -based o ganiza ions,
Zhao e al. [
11
] pu o wa d ha he e a e isk ac o s a di e en le els, a he han jus a
he p ojec le el, which can a ec bo h p ojec s and o he o ganiza ional le els. The isk
managemen pa adigm in p ojec con ex s has e ol ed owa d a global iew ha goes
beyond a p ojec -ci cumsc ibed pe spec i e [9,11].
In his ega d, he exis ence o speci ic po olio-le el ‘ isk ac o s’ [
5
,
9
,
12
] has been
ecognized; o ins ance, Bai e al. [
12
] iden i ied 20 isks o e he p ojec po olio li e cycle,
e ealing ha six o hem can be conside ed c i ical po olio isks. I has been addi ionally
iden i ied ha a isk app oach a he p ojec po olio le el could allow highe e ec i eness,
leading o posi i e impac s on he ‘p ojec po olio success’ [
13
]. This could also help ocus
on he mos ele an isks o he p ojec po olio and, in u n, achie e he expec ed impac
on he o ganiza ional s a egy [5,14].
The cons uc ‘p ojec po olio isk’ could be aci ly concep ualized as a measu e o
impac on ‘p ojec po olio success’ due o changes in ‘ isk ac o s’ de i ed om di e en
le els. This is aligned wi h he ac ha he isk cons uc may be associa ed wi h he
exposu e concep , which indica es he amoun o measu e o impac on expec ed esul s o
he ola ili y o a iabili y in esul s due o changes in isk ac o s [15,16].
Howe e , an app oach based on he men ioned aci concep ualiza ion o ‘p ojec
po olio isk’ is s ill ba ely s udied. By con as , inancial success measu es ha e been used
o conduc he isk assessmen o o ganiza ional in es men s in p ojec po olios
[17–19]
wi hin a gene al managemen app oach [
20
]; and p ojec success measu es, such as ime o
cos o each p ojec wi hin he po olio, ha e been inco po a ed in o isk assessmen s
o p ojec s conside ing he in e dependencies ha de i e om he po olio en i on-
men [21–23], which ollows a p ojec success iew.
The e o e, om his backg ound, he ollowing esea ch ques ion was posed: How
could ‘p ojec po olio isk’ be concep ualized as a measu e o impac on ‘p ojec po olio
success’ due o changes in ‘ isk ac o s’?
Recognizing he di e si y o con ex s, a ibu es, and pa icula i ies among di e en
ypes o p ojec po olios, his s udy ocused on he po olios o o ganiza ional de elop-
men p ojec s. This ype o p ojec po olio emb aces a mixed se o p ojec s di ec ly ela ed
o he i m’s s a egy o co po a e-le el goals and o ganiza ional s a egic impac s [
24
,
25
].
I aims o achie e a mid- o long- e m o ganiza ional ou come and, consequen ly, posi-
i ely impac business models and p ocesses [
2
]. To ha end, o ganiza ional de elopmen
po olios a e s uc u es ha espond o eme ging changes in he ex e nal and in e nal
en i onmen . The e o e, his ype o p ojec po olio conside s he s a e o he company
i sel , including he compe i i e en i onmen , ma ke ing p io i ies, changing consume
demands, equi emen s o p oduc ion echnologies, e c. [25,26].
This s udy akes he epis emological s ance o a cons uc i ism- ounded scien i ic
pa adigm o o ganizing he esea ch [
27
]. Twen y-eigh semi-s uc u ed in e iews we e
conduc ed and analyzed o cap u e he p ac i ione s’ pe spec i es on ‘ isk ac o s’ and
‘p ojec po olio success’ amed wi hin he ‘p ojec po olio isk’ cons uc . Fo ha
eason, Social Rep esen a ion Theo y (SRT) was adop ed as he heo e ical lens.
The emainde o he pape is o ganized as ollows. Fi s ly, a backg ound on ‘p ojec
po olio isk’, ‘ isk ac o s’, ‘p ojec po olio success’, and SRT is p esen ed. Then, he
adop ed esea ch me hodology is desc ibed. This is ollowed by he indings de i ed om
he in e iews, discussion o he main indings ha eme ged om he s udy, conclusions,
limi a ions, and u u e wo k ecommenda ions.
Sus ainabili y 2022,14, 5235 3 o 19
2. Li e a u e Re iew
2.1. Risk in P ojec Po olios
The concep ualiza ion o isk de i ed om Mode n Po olio Theo y, de eloped by
Ha y Ma kowi z in 1952, is p esen ed as he seminal heo y inso a as p ojec po olio isk
is a conce n [
28
]. Mode n Po olio Theo y has been used o es ablish a pa allel be ween
inancial po olios and p ojec po olios, speci ically ocusing on isk inco po a ion in o
he p ojec po olio selec ion p ocess [
17
,
19
], hus adop ing a gene al isk managemen
app oach [
20
]. These s udies a e ocused on he isk associa ed wi h inancial esul s,
gene ally de ining he isk as a unidimensional measu e. In his ega d, he isk is associa ed
wi h a ia ions in he po olio’s inancial esul s due o he a ia ion de i ed om each
p ojec and, by conside ing he co ela ion be ween each pai o p ojec s. In o he wo ds,
o al po olio isk can be conside ed o be composed o independen p ojec isk and
in e dependen p ojec isk [19].
When looking o isk app oaches o ien ed mo e owa ds p ojec po olio cha ac e is-
ics han gene al managemen , i has been posed ha po olio alue canno be measu ed
only in mone a y e ms [
13
,
29
,
30
]. Fo ins ance, p oposals o ien ed o in eg a e bo h mone-
a y and non-mone a y ac o s ha e been made [
30
]. To his end, a disc e e compa ison
o al e na i es has been explo ed [
1
,
30
], whe e a ibu es associa ed wi h he isk o each
p ojec a e conside ed as c i e ia in he po olio selec ion p ocess. O he p oposals ha e
ocused on es ima ing he isk as changes in he scope, ime, o cos o p ojec s due o some
isk ac o in e dependency and p ojec in e dependency, o as changes in he cumula i e
cos o he p ojec s wi hin he po olio [
20
,
22
,
23
,
31
]. Hence, a pe spec i e on isk in which
he ‘p ojec po olio isk’ is associa ed wi h he success o he p ojec s wi hin he po olio
is p oposed he e.
Fo his eason, hese p oposals ha e been de eloped unde a p ojec managemen
app oach [
20
], ecognizing, in mos cases, he mul idimensional na u e o p ojec success
in a way ha aci ly conside s he ‘p ojec po olio isk’ as a measu e o impac on he
success o he p ojec s wi hin he po olio due o p ojec in e dependency and changes
in p ojec ‘ isk ac o s’ du ing he p ojec po olio execu ion. Fo ins ance, conside ing
in e dependencies be ween p ojec s, se e al s udies ha e ocused on how he isk is p opa-
ga ed ac oss he p ojec s wi hin he po olio [
22
,
23
]. Howe e , po olio-le el ‘ isk ac o s’
and he condi ion ha he ‘p ojec po olio isk’ goes beyond he sum o he indi idual
isk o each p ojec wi hin he po olio, al hough highligh ed, ha e no been explici ly
inco po a ed in o isk concep ualiza ion unde his app oach.
Ho man e al. [
5
], Ghasemi e al. [
9
], and Bai e al. [
12
] p esen he iden i ica ion
and ca ego iza ion o p ojec -po olio le el ‘ isk ac o s’ om a ull spec um o p ojec
po olios. In addi ion, Ghasemi e al. [
9
] pose a isk assessmen model o ien ed owa ds
es ablishing he ‘p ojec po olio isk’ as he impac on he ‘p ojec po olio success’ as
a unidimensional measu e due o changes in p ojec - and po olio-le el ‘ isk ac o s’.
Thus, ex ending he ac ha p ojec po olios ep esen he b idge be ween p ojec s and
o ganiza ional s a egy, an al e na i e app oach o ‘p ojec po olio isk’ eme ges which
would allow o inco po a ing he speci ic po olio le el in o he analysis, i.e., po olio-
le el ‘ isk ac o s’ and ‘p ojec po olio success’ as he expec ed po olio measu es ha a e
impac ed by he ‘ isk ac o s’.
The adop ion o his al e na i e app oach o ien ed explici ly owa ds he po olio
le el could help disclose he aci ole o he ‘p ojec po olio isk’ as he b idge be ween
he p ojec -managemen - and gene al-managemen -based isk app oaches iden i ied in he
li e a u e.
2.2. Risk Fac o s in P ojec Po olios
Risk ca ego iza ion con ibu es o he e ec i eness and quali y o isk analysis, as well
as leading o a isk-based decision p ocess [
4
,
5
]. Hence, di e en ca ego iza ion schemes
o ‘ isk ac o s’ associa ed wi h p ojec s wi hin a p ojec po olio ha e been iden i ied
in he li e a u e. These ca ego iza ion schemes ha e mainly aimed a classi ying ‘ isk
Sus ainabili y 2022,14, 5235 4 o 19
ac o s’ by hei sou ces. Al e na i e ca ego iza ion schemes ha e ecen ly been posed, o
ins ance, he iden i ica ion and ca ego iza ion o c i ical isks o p ojec po olios o e he
li e cycle [12].
Acco ding o he s uc u ed li e a u e e iew conduc ed by Micán e al. [
21
], isk
ac o ca ego ies based on isk ac o sou ces could be syn hesized in o ou ca ego ies:
(1) he P ojec Po olio Managemen (PPM) le el, conside ing aspec s ela ed o po olio
in o ma ion managemen , con lic s a he po olio le el, and lack o po olio managemen
capabili ies; (2) P ojec in e ac ions, conside ing he esou ce in e dependency be ween
p ojec s as ‘ isk ac o s’ and he dependency o ou pu s be ween p ojec s; (3) Ex e nal
condi ions, in which a e g ouped ‘ isk ac o s’ de i ed om ex e nal condi ions o he
pa en o ganiza ion; and (4) O ganiza ional condi ions, conside ing aspec s ela ed ha
o ganiza ional decisions o p ocesses, including p ojec managemen p ocess and decisions
ela ed o he s uc u e o he po olio, which can in luence he p ojec po olio esul s.
Al e na i ely, he concep ualiza ion o sys ema ic and non-sys ema ic isks de i ed
om Mode n Po olio Theo y (MPT) has been adop ed o concep ualize he ‘p ojec
po olio isk’ sou ces [
32
,
33
]. This means ha , o classi y he ‘ isk ac o s’ by he ex en o
hei impac , he non-sys ema ic isk is associa ed wi h indi idual isk con ibu ions om
each p ojec isk ac o , and sys ema ic isk is de i ed om hose ‘ isk ac o s’ which ha e
an impac on he whole p ojec po olio [17].
Howe e , he ep esen a ion o sys ema ic isk has di e en in e p e a ions; o ex-
ample, Cos a e al. [
32
] pose i as being exclusi ely associa ed wi h en i onmen al ac o s,
while D ake and By d [
33
] men ion ha , besides he ac o s o he en i onmen , i includes
he isk de i ed om he in e dependency o ‘ isk ac o s’ and p ojec in e ac ions as isk
ac o sou ces. In addi ion, al hough he concep ualiza ion o sys emic and non-sys emic
isk o p ojec po olios has been widely adop ed o inco po a ing isk in o he p ojec
po olio selec ion p ocess [
17
], i is sca cely conside ed o isk analysis in he p ojec
po olio execu ion phase.
2.3. P ojec Po olio Success
Fi e ‘p ojec po olio success’ dimensions a e gene ally desc ibed in he li e a u e
[34,35]
:
(i) s a egic i , (ii) u u e p epa edness, (iii) a e age p ojec success, (i ) syne gy exploi a-
ion, and ( ) po olio balance, whe e success dimensions i, iii, i and a e based on he
PPM goals de ined by Coope e al. [
36
] o po olios o p oduc de elopmen p ojec s,
which la e we e adop ed o o he ypes o p ojec po olios. Table 1summa izes hese
i e ‘p ojec po olio success’ dimensions.
In addi ion, he dimension ela ed o economic success was inco po a ed in some
wo ks as a ‘p ojec po olio success’ dimension [
34
,
35
], while o he publica ions ega d
his dimension as a business success dimension, and he e o e a posi i e consequence o
‘p ojec po olio success’ mo e han a ‘p ojec po olio success’ dimension i sel [37].
Table 1. P ojec po olio success dimensions.
Success
Dimension Desc ip ion
S a egic i The deg ee o which he p ojec po olio e lec s he company’s s a egy,
bea ing in mind aspec s such as s uc u e, echnology, o en i onmen [
34
,
37
].
Fu u e
p epa edness
Long- e m bene i s and oppo uni ies o e ed by he p ojec po olio. This
dimension is based on he c ea ion o new ma ke s, new o imp o ed
echnologies, capabili ies o p ocesses, posi i e impac s on b and alue o
employe epu a ion, and he abili y o adap and eac o echnological o
ma ke changes [34].
A e age
p ojec success
Associa ed wi h wo main aspec s: (1) he p ojec ion o pe o mance measu es,
measu ed using c i e ia such as budge , schedule, quali y, and cus ome
sa is ac ion; (2) he ma ke and comme cial pe o mance o each p ojec ,
measu ed using inancial pe o mance c i e ia [34,35].
Sus ainabili y 2022,14, 5235 5 o 19
Table 1. Con .
Success
Dimension Desc ip ion
Syne gy
exploi a ion
C oss-p ojec coo dina ion includes syne gies ela ed o echnologies, he
ma ke , knowledge, and esou ces [
37
,
38
]. Howe e , p ac ices ocused on his
dimension ‘a e no o en pu in o p ac ice due o he complexi y o he
nume ous in e dependencies wi hin he po olio’ [37] (p. 809).
Po olio
balance
Sho - e m and long- e m bene i s, well-adjus ed isk le el, app op ia e
equilib ium be ween p ojec ypes and be ween use o new and exis ing
echnologies, esou ce adequacy [9,34].
2.4. Social Rep esen a ion Theo y
Social ep esen a ions can be de ined as sys ems o cogni i e elemen s—opinions,
knowledge, and belie s—pa icula o a cul u e, a social ca ego y, o a g oup, wi h ega d o
objec s in he social en i onmen [
39
,
40
]. Social Rep esen a ion Theo y (STR) was o iginally
de eloped o analyze he ela ionship be ween indi iduals and socie y o psychological
s udies. Howe e , SRT can be equally applied o unde s and he ela ionship be ween
a subjec and an objec [
40
,
41
]. Thus, o ins ance, i has been inco po a ed o conduc
quali a i e analysis in di e en ields [
39
,
42
–
44
]. In his ega d, he adop ion o SRT has
g own in di e en a eas o knowledge, including he managemen ield [41].
Th ee main o ien a ions can be iden i ied wi hin SRT, which a e [45] he sociogene ic
model, he sociodynamic model, and he s uc u al model. This esea ch adhe es o a
sociogene ic model. Acco ding o he sociogene ic model, a social ep esen a ion in ol es
wo dis inc bu complemen a y p ocesses: ancho ing and objec i ying. Ancho ing is
de ined as he p ocess by which new in o ma ion is in e p e ed by linking i wi h amilia
knowledge. Objec i ica ion is de ined as he p ocess by which he objec is ep oduced and
desc ibed in a conc e e and selec i e manne [
39
,
40
]. The schema iza ion o he objec is
de ined as he igu a i e co e [40].
In a sociogene ic model o SRT ope a ionaliza ion, monog aphic and quali a i e ap-
p oaches o da a collec ion and analysis cons i u e he main me hodological amewo k [
40
],
and he esea che s mainly op ed o obse a ions o in e iews [45].
3. Resea ch Me hodology
3.1. Resea ch Design
In his s udy, he p ojec po olio was conside ed o be an o ganiza ion o an o -
ganiza ional subsys em. A cons uc i ism- ounded scien i ic pa adigm o o ganiza ion
esea ch was adop ed. In o ganiza ional design science, he goal o esea ch using his
app oach is o de elop knowledge o guide design p ocesses [
27
]. In he cons uc i is
iew o o ganiza ional design science, cons uc i is epis emologies and o ganiza ional
design science complemen each o he o gene a e u he knowledge [27].
SRT was adop ed as he heo e ical lens, adhe ing o a sociogene ic model o SRT
ope a ionaliza ion. The cons uc s ‘ isk ac o s’ and ‘p ojec po olio success’ we e de ined
as objec s, while p ac i ione s we e es ablished as subjec s, wi h a goal o unde s anding
he ela ionship be ween he p ac i ione s and hei no ion o wha cons i u es hese con-
s uc s. In ligh o his, an explo a o y quali a i e esea ch p ocess was unde aken. Social
ep esen a ion was ocused on desc ibing he objec i ica ion o he wo cons uc s unde
analysis: ‘ isk ac o s’ and ‘p ojec po olio success’.
3.2. Da a Collec ion
A semi-s uc u ed in e iew me hod can p o ide o build explana ions o a speci ic,
clea opic so ha issues p e iously de ined can be add essed [
46
]. In his ega d, he
li e a u e e iew on ‘ isk ac o s’ om a po olio pe spec i e and ‘p ojec po olio success’
was used as backg ound o he in e iew design. Thus, he ou isk ac o ca ego ies

Sus ainabili y 2022,14, 5235 6 o 19
p oposed by Micán e al. [
21
] (see Sec ion 2.2) we e de ined as ini ial hemes ega ding he
cons uc ‘ isk ac o s’, de ining hem as isk ac o ca ego ies, and he i e ‘p ojec po olio
success’ dimensions desc ibed in Table 1(see Sec ion 2.3) we e es ablished as ini ial hemes
conce ning he cons uc ‘p ojec po olio success’.
Nex , an in e iew guide o p o ocol was de ined and ollowed. The in e iews
comp ise he b oade -scope esea ch p ojec wi hin which his s udy is amed, so he e o e,
he in e iew p o ocol included addi ional issues o he wo cons uc s epo ed in his
pape . Appendix Adesc ibes he in e iew blocks and ques ions. The in e iew p o ocol
consis ed o ou main blocks o ques ions (blocks wo o i e in Appendix A). This pape
epo s in de ail da a associa ed wi h he cons uc s ‘ isk ac o s’ and ‘p ojec po olio
success’. These cons uc s we e mainly associa ed wi h blocks wo and h ee. Howe e ,
in o ma ion ega ding hose cons uc s migh also ha e been men ioned by in e iewees
in he ou h o i h in e iew blocks. ‘Wha c i e ia/dimension migh ep esen p ojec
po olio success dimensions?’ was he main ques ion in block wo. ‘Could you iden i y
ypes o isks, g oups o isks, o ca ego ies o isk ha should be conside ed a he p ojec
po olio le el?’ was he main ques ion in block h ee.
P io o he in e iew, all pa icipan s ecei ed a b ie ing documen by email, which
cla i ied he esea ch scope, he main in e iew ques ions, anonymi y and con iden iali y
conce ns, and he key e ms adop ed. Whe e app op ia e, supplemen a y ques ions we e
used o p omp mo e de ailed esponses o he abo e ques ions. The in e iews we e
eco ded wi h he p io au ho iza ion o each in e iewee. Handw i en no es we e aken
du ing in e iews. This s udy was ocused on he p o essional expe ience o he in e -
iewees. Twen y-eigh in e iews we e ca ied ou . The in e iews las ed 53 minu es on
a e age. The in e iewees’ a ge p o ile was Colombian p o essionals wi h expe ience as,
o ela ed o, p ojec po olio manage s o as head o a p ojec po olio o ice, and wi h
expe ience in po olios o o ganiza ional de elopmen p ojec s.
O ganiza ional de elopmen p ojec s, also desc ibed as in e nal de elopmen p ojec s,
can be composed o a mix o business p ocess de elopmen , in e nal in o ma ion ech-
nology de elopmen , o ganiza ional change o e-enginee ing, and in es men s in new
equipmen , majo so wa e, and o he capi al p ojec s [
24
]. Thus, gi en he na u e o
o ganiza ional de elopmen p ojec po olios, mos in e iewees exp essed p o essional
expe ience associa ed wi h di e en ypes o p ojec s o mixed p ojec s. Fo ins ance, e-
e ing o he cu en ole, in e iewee se en men ioned: ‘I ha e managed ou ypes o
p ojec s: enginee ing, unde s ood as p ocesses au oma ion; in as uc u e, associa ed wi h
ci il and a chi ec u e wo ks; echnological, ela ed o so wa e solu ions; and managemen ,
hose ha ha e egula o y compliances’. Simila ly, e e ing o a p e ious p o essional expe-
ience, in e iewee nine men ioned: ‘The e we e p ojec s o all kinds, la ge o ganiza ional
p ojec s, in as uc u e p ojec s, and o he s’.
Hence, 17 in e iewees exp essed ha ing expe ience in managing mixed p ojec s (MX),
while se en, h ee, and one o he in e iewees men ioned ha hei p ima y p o essional
expe ience was associa ed wi h enginee ing p ojec s (EN), echnology in o ma ion p ojec s
(TI), and new p oduc p ojec s (NP), espec i ely. Addi ionally, conside ing he classi ica-
ion o o ganiza ions p oposed by Mülle e al. [
47
], 50%, 28%, and 22% o he in e iewees
had hei p ima y expe ience in p ocess-o ien ed, p ojec -o ien ed, and p ojec -based o ga-
niza ions, espec i ely. Table 2shows a de ailed cha ac e iza ion o he in e iewees.
Sus ainabili y 2022,14, 5235 7 o 19
Table 2. Cha ac e iza ion o in e iewees.
No. Du a ion
(min)
P ojec
Managemen
Expe ience
(Yea s)
PPM
Expe ience
(Yea s)
P ima y
Expe ience:
Type o
P ojec s
P ima y
Expe ience: Type
o O ganiza ion
Role
1 60 10 7 MX P ojec -based P ojec po olio manage
2 59 6 4 MX P ojec -based P ojec po olio manage
3 49 4 2 EN P ojec -based P ojec po olio manage
4 50 20 3 TI P ojec -o ien ed P ojec manage
5 47 8 4 EN P ojec -based P ojec po olio manage
6 61 9 1 MX P ojec -based P ojec po olio manage
7 60 11 4 MX P ocess-o ien ed P ojec po olio manage
8 56 10 2 MX P ocess-o ien ed P ojec po olio manage
9 73 15 5 MX P ojec -o ien ed P ojec po olio manage
10 45 11 5 MX P ojec -o ien ed P ojec po olio manage
11 50 10 3 EN P ojec -based P ojec po olio manage
12 57 8 3 MX P ocess-o ien ed Head o imp o emen o ice
13 48 5 2 NP P ojec -o ien ed P ojec po olio manage
14 60 13 10 MX P ocess-o ien ed P ojec po olio manage
15 51 20 8 MX P ojec -o ien ed Head o PMO
16 66 7 3 MX P ojec -o ien ed P ojec po olio manage
17 46 12 1 TI P ocess-o ien ed P ojec po olio manage
18 31 20 5 MX P ocess-o ien ed Execu i e di ec o
19 73 15 5 MX P ocess-o ien ed Head o PMO
20 46 3 1 EN P ocess-o ien ed P ojec po olio manage
21 59 4 1 MX P ocess-o ien ed P ojec po olio manage
22 41 15 7 EN P ocess-o ien ed P ojec po olio manage
23 49 7 3 MX P ojec -o ien ed Execu i e di ec o
24 47 15 10 EN P ocess-o ien ed Head o PMO
25 42 7 3 MX P ocess-o ien ed Head o PMO
26 32 7 3 MX P ocess-o ien ed P ojec po olio manage
27 47 10 4 EN P ocess-o ien ed P ojec po olio manage
28 73 18 7 TI P ojec -o ien ed Head o PMO
3.3. Da a Analysis
The quali a i e analysis o he answe s was gea ed owa ds iden i ying he aspec s
ha compound he igu a i e co e o he cons uc s unde analysis, iden i ying he main a -
gumen s o which each heme was conside ed ele an o no ele an by he in e iewees.
I in ol es, he e o e, iden i ying he quali a i e a gumen s ha es ablish whe he o no a
heme is pa o he igu a i e co e.
To analyze he empi ical da a, a hema ic analysis was conduc ed. Thema ic analysis
(TA) is de ined as an adequa e heo y-building echnique ha is ocused on analyzing
pa e ns o hemes [
48
]. Thema ic analysis has been in eg a ed in o da a analysis in s udies
de eloped unde SRT wi hin di e en heo e ical o ien a ions (see [
49
]). I has also been
inco po a ed o conduc a quali a i e analysis o in e iew da a in s udies de eloped unde
SRT [
39
]. TA app oaches can be classi ied as coding eliabili y app oaches, codebook
app oaches, o e lexi e app oaches, which di e in he way hemes a e concep ualized
(Te y e al.) [
50
]. Fo his esea ch, a e lexi e TA app oach was adop ed. In e lexi e TA a
heme is concep ualized as analy ic ou pu s ha ep esen sha ed meaning-based pa e ns,
o ganized a ound a co e concep o idea [
48
]. A six-s ep p ocedu e was conduc ed [
48
]: (i)
amilia iza ion; (ii) gene a ing codes; (iii) cons uc ing hemes; (i ) e ising; ( ) de ining
hemes; and ( i) p oducing he epo .
The amilia iza ion s ep was ca ied ou based on lis ening o a sample o in e iew
eco ds and eading all he in e iew ansc ip ions and handw i en no es. The da a om
in e iewees we e ini ially g ouped acco ding o he ou ‘ isk ac o s’ ca ego ies and i e
‘p ojec po olio success’ dimensions iden i ied in he li e a u e (see Sec ions 2.2 and 2.3).
Sus ainabili y 2022,14, 5235 8 o 19
This g ouping s a egy se ed o iden i y whe he he in e iewees men ioned new o
complemen a y isk ca ego ies o success dimensions.
In he code gene a ing s ep, i was es ablished ha he analysis p ocess would be
ca ied ou in blocks o ou in e iews a a ime. A i s possible se o codes de i ed
om he analysis o he i s block o ou in e iews was p e-de ined. Consequen ly, he
codes we e upda ed in each cycle o analysis; o do so, codes we e me ged, added, o spli
acco ding o each new g oup o da a. Fo his s ep, a sen ence was de ined as he uni o
da a analysis. Then, as a esul o his s ep, six codes we e gene a ed o ‘Risk ac o s’ and
se en codes o ‘p ojec po olio success’. Table 3shows an example o codes de i ed
om in e iew analysis. In he case o he cons uc ‘p ojec po olio success’, he codes
co espond di ec ly o he success dimensions men ioned by he in e iewees.
Table 3. Cons uc s, codes, and hemes.
Cons uc Codes
Themes *
T1 T2 T3 T4
Risk ac o s
P ojec s and p og ams X
Po olio X
O ganiza ion X
Impac on se e al p ojec s X
Impac on po olio X
Impac on po olio ou comes X
P ojec po olio
success
S a egic i X
Fu u e p epa edness X
S akeholde sa is ac ion X
Economic impac X
A e age P ojec success X
Po olio balance X
Syne gies exploi a ion X
*
T1:
Sou ces amed in he p ojec po olio as an o ganiza ional uni ;
T2:
Risk as an ex ension o he impac
gene a ed;
T3:
Success dimensions linked o po olio ou comes;
T4:
Success dimensions no linked o po olio
ou comes.
Based on he codes de ined, he s eps o cons uc ing hemes, e ising hemes, and
de ining hemes we e ca ied ou o ob ain g oups o da a wi h sha ed meaning-based
pa e ns ega ding he cons uc s unde s udy. This p ocess was o ien ed so as o ensu e
ha each heme was ela ed o a cen al meaning. Each in e iew was ansc ibed. The
coding p ocess was suppo ed by NVIVO so wa e.
These ou hemes g ouped he in o ma ion p o ided by in e iewees ega ding ‘ isk
ac o s’ and ‘p ojec po olio success’. Howe e , hese hemes do no en i ely ep esen
he igu a i e co e o ‘p ojec po olio isk’ de i ed om bo h cons uc s. In his ega d,
he heme ‘Success dimensions no linked o po olio ou comes’ e e s o success dimensions
men ioned by in e iewees ha we e associa ed wi h PPM success a he han p ojec
po olio success i sel . In o he wo ds, he in e iewees did no associa e he success
dimensions ha a e pa o his heme as ep esen ing p ojec po olio esul s om an
o ganiza ional iew. The e o e, based on he ‘p ojec po olio isk’ concep ualiza ion
adop ed, his heme was disc edi ed as pa o he igu a i e co e om he pe spec i es o
Colombian p ac i ione s.
Thus, hemes ‘Sou ces amed in he p ojec po olio as an o ganiza ional uni ’, ‘Risk
as an ex ension o he impac gene a ed’, and ‘Success dimensions linked o po olio
ou comes’ ep esen he igu a i e co e o ‘p ojec po olio isk’, based on he ‘ isk ac o s’
and ‘p ojec po olio success’ cons uc s in po olios o o ganiza ional de elopmen
p ojec s om he pe spec i es o Colombian p ac i ione s. Consequen ly, hese h ee hemes
we e de ined as he p ima y objec i ica ion g oups o ‘p ojec po olio isk’ eme ging om
Colombian p ac i ione s’ pe spec i es. The indings ega ding hese objec i ica ion g oups
a e epo ed in Sec ion 4.
Sus ainabili y 2022,14, 5235 9 o 19
3.4. In e nal and Ex e nal Validi y
The ansc ip ion and coding p ocesses o all in e iews we e ca ied ou by he same
esea che (in e iewe ), hus ensu ing consis ency o coding. To check he in e nal alidi y
o he coding p ocess, he emaining wo esea che s in ol ed in he p ojec we e asked o
audi he ail o he key coding decisions a ising om he esea ch p ocess.
Rela ing o ex e nal alidi y, he small and segmen ed samples equen ly used in
quali a i e esea ch limi he gene alizabili y o such s udies [
46
]. Thus, as in he s udy
ca ied ou by an de Hoo n and Whi y [
51
], heo e ical and manage ial con ibu ions a e
empe ed by he quali a i e na u e o his s udy and he cha ac e is ics o he sample.
Pa icipan s we e selec ed by con enience sampling, he mos common sampling
s a egy in his ype o s udy, as he in e iewees’ pa icipa ion is associa ed wi h hei a ail-
abili y and in e es in pa icipa ing a he han an alea o y selec ion o pa icipan s
[52,53]
.
The e o e, a s a is ical index canno be es ablished ega ding he ep esen a i eness o he
sample. The li e a u e sugges s ha a sample size be ween 5 and 30 in e iewees allows
o unde s anding o commonali ies wi hin an objec i e g oup [46,54].
P e ious s udies a i m ha sample size inc eases when he pa icipan g oup is
he e ogenous [
46
,
53
,
55
]. Howe e , as he in e iewees’ p o ile was exclusi ely o ien ed
owa ds Colombian po olio p ac i ione s wi h expe ience in po olios o o ganiza ional
de elopmen p ojec s, he pa icipan g oup can be conside ed homogeneous. The e o e,
he sample size o wen y-eigh in e iews conduc ed in his s udy is adequa e o un-
de s anding commonali ies wi hin he in e iewees’ g oup, i.e., iden i ying he igu a i e
co e ega ding he wo cons uc s unde s udy. Ne e heless, he sample’s homogenei y
limi s he esul s’ gene alizabili y. Rega ding his conce n, wo main h ea s o he ex e nal
alidi y o he indings and implica ions mus be conside ed: i) he geog aphical ocus
ep esen ed in he ac ha only Colombian p o essionals we e in e iewed, and ii) he
ocus on a speci ic ype o p ojec po olio, namely, o ganiza ional de elopmen p ojec
po olios.
4. Findings
4.1. P ojec Po olio Risk Fac o s
Conce ning he objec i ica ion o he ‘ isk ac o s’, wo p ima y objec i ica ion g oups
eme ged: sou ces amed in he p ojec po olio as an o ganiza ional uni , and isk as
an ex ension o he impac gene a ed. These p ima y g oups compounded o o m he
igu a i e co e o he ‘ isk ac o s’.
Conce ning he i s p ima y ep esen a ion, he p ac i ione s exp essed ha isk could
be de i ed om: each p ojec , whe e he p ojec s ep esen he cons i uen componen s o
he po olio; isk sou ces associa ed wi h he p ojec po olio le el in which he p ojec
po olio is, in i sel , a uni o managemen ; and isk de i ed om he in e ac ion o he
po olio wi h he o ganiza ion, o e en de i ed a he o ganiza ional le el, ecognizing he
in e ac ion o he p ojec po olio wi h o he o ganiza ional uni s.
Risk sou ces associa ed wi h p oblems wi h po olio- inancing capi al and p oblems
de i ed om po olio s uc u e, which a e pa o he ca ego y o o ganiza ional condi ions,
we e he isks mos o en acknowledged by he in e iewees conce ning isk sou ces
de i ed om he o ganiza ional le el. Fo example, in e iewee 9 men ioned ha ‘a
s akeholde wi h high o ganiza ional in luence can a ec o modi y he po olio s uc u e
in he w ong way [
. . .
] gene a ing isk o he po olio’s success’. Likewise, isks such
as changes in he compe i i e en i onmen and changes in ex e nal condi ions ela ed o
no ms and e e ence models, which a e pa o he ca ego y o ex e nal condi ions, we e
equen ly highligh ed by he in e iewees.
Conce ning isk ela ed o he ca ego y o PPM le el, ‘p ojec po olio isk’ associa ed
wi h an inadequa e dis ibu ion o in o ma ion, imbalanced managemen o s akeholde
expec a ions, o lack o capabili y a bo h PPM and p ojec managemen le els we e all
epea edly men ioned. In e iewee 1 commen ed on lack o capabili y: ‘I had cases whe e
a good p ojec manage was p omo ed o po olio manage bu he abili ies equi ed
Sus ainabili y 2022,14, 5235 16 o 19
Finally, he indings help di e en ia e be ween po olio isk, he inancial isk aken
on by he o ganiza ion de i ed om he in es men in he po olio, and he isk associa ed
wi h he p ojec s. In p ac ical e ms, he sugges ed isk concep ualiza ion ei he subs i u es
he inancial pe spec i e o po olio isk, which is usually conside ed o p ojec po olio
selec ion o he isk assessmen o each p ojec , o complemen s i . In his ega d, coo di-
na ion mechanisms be ween ‘p ojec po olio isk’ and o he o ganiza ional isk sys ems,
i.e., ope a ional, s a egic, o p ojec isk app oaches, should be conside ed.
6. Conclusions
This pape p o ides empi ical e idence o back up he cons uc s o ‘ isk ac o s’ and
‘p ojec po olio success’ in po olios o o ganiza ional de elopmen p ojec s and discloses
how hey could be linked unde he cons uc ‘p ojec po olio isk’ as a measu e o impac
on ‘p ojec po olio success’ due o changes in ‘ isk ac o s’. The sugges ed ‘p ojec po olio
isk’ concep ualiza ion allows o ecogni ion, om a isk pe spec i e, ha o ganiza ional
de elopmen p ojec po olios a e designed o in luence s a egic pe o mance and help o
achie e a sus ainable compe i i e posi ion.
Acco ding o he p ac i ione s’ objec i ica ion, he ‘ isk ac o s’ we e ep esen ed as isk
ac o ca ego ies oo ed a he po olio, p ojec , and o ganiza ional le els, and which can
lead o gene al impac s ei he on all p ojec s wi hin he po olio (sys ema ic impac s), on a
speci ic p ojec o p ojec s, which, in u n, a ec he ‘p ojec po olio isk’ (non-sys ema ic
impac s), o di ec ly on he expec ed p ojec po olio ou comes.
When adop ing he ‘p ojec po olio success’ as a se o dimensions on which he
‘p ojec po olio isk’ could be measu ed, i was posed ha ‘p ojec po olio isk’ could
be measu ed based on he e ec i eness o he po olio. As such, acco ding o he p ac-
i ione s’ objec i ica ion, s a egic i , u u e p epa edness, and s akeholde sa is ac ion
we e p oposed as mul idimensional ou comes on which he ‘p ojec po olio isk’ could be
measu ed.
A Social Rep esen a ion Theo y lens helped us o unde s and he objec i ica ion o he
cons uc s, and consequen ly o iden i y a igu a i e co e o hese cons uc s. Howe e ,
om a me hodological s andpoin , a limi a ion o his s udy is he analysis o he ancho ing
p ocess o hese cons uc s. The empi ical esul s he e epo ed can nei he be di ec ly ex-
ended o o he ypes o po olios no assumed as ep esen a i e o po olio p ac i ione s’
pe spec i es in o he coun ies. This limi a ion is in line wi h he esea ch pa adigm adop ed
in his esea ch: a cons uc i ism- ounded scien i ic pa adigm o o ganiza ion esea ch. In
his ega d, ‘ he cons uc i is iew o o ganiza ional design science con on s esea che s
wi h he issues o gene alizing local knowledge and jus i ying gene aliza ion’ [
27
] (p. 1240).
Al hough he sugges ed ‘p ojec po olio isk’ concep ualiza ion co esponds o local
knowledge, i p o ides aluable insigh and knowledge ega ding how he isk associa ed
wi h o ganiza ional de elopmen p ojec po olios could be ep esen ed when he inhe en
s a egic na u e o his ype o po olio is conside ed. Thus, a he han p o iding a
gene alized concep ualiza ion, he indings and implica ions o his s udy open he pa h o
u he esea ch in he ield, including bo h explo a o y and con i ma o y s udies. Thus, o
ins ance, eplica ing he s udy conside ing a di e en and la ge sample and agg ega ing
he esul s would help o see how he sugges ed ‘p ojec po olio isk’ concep ualiza ion
would e ol e.
Fu u e esea ch is equi ed o explo ing he inco po a ion o he ‘p ojec po olio isk’
concep ualiza ion he e epo ed in o ‘p ojec po olio isk’ assessmen and isk esponse
planning. Fu he esea ch could also be conduc ed on de ining how o es ablish speci ic
me ics o assessing he ‘p ojec po olio isk’ based on ‘p ojec po olio success’.
Au ho Con ibu ions:
Concep ualiza ion, C.M., G.F. and M.A.; Da a cu a ion, C.M.; Fo mal analysis,
C.M.; Funding acquisi ion, C.M., G.F. and M.A.; In es iga ion, C.M.; Me hodology, C.M.; P ojec
adminis a ion, C.M.; Resou ces, C.M., G.F. and M.A.; So wa e, C.M.; Supe ision, G.F. and M.A.;
Valida ion, G.F. and M.A.; Visualiza ion, C.M.; W i ing—o iginal d a , C.M.; W i ing— e iew and
edi ing, G.F. and M.A. All au ho s ha e ead and ag eed o he published e sion o he manusc ip .

Sus ainabili y 2022,14, 5235 17 o 19
Funding:
This esea ch was sponso ed by Col u u o-Colciencias, Colombia, by FEDER unds
h ough he p og am COMPETE–P og ama Ope acional Fac o es de Compe i i idade–and by na-
ional unds h ough FCT–Fundação pa a a Ciência e a Tecnologia–, unde he emi o p ojec s
UID/EMS/00285/2020 and UIDB/00319/2020.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen :
In o med consen was ob ained om all subjec s in ol ed in he s udy.
Da a A ailabili y S a emen : No applicable.
Acknowledgmen s:
The au ho s g a e ully acknowledge he con ibu ions o he wen y-eigh in e -
iewees who pa icipa ed in he s udy.
Con lic s o In e es :
The au ho s decla e no con lic o in e es . The unde s had no ole in he design
o he s udy; in he collec ion, analyses, o in e p e a ion o da a; in he w i ing o he manusc ip , o
in he decision o publish he esul s.
Appendix A
Table A1. In e iew blocks and ques ions.
Block Objec i e Ques ions
1Cla i y he in e iew scope and he
in e iewee’s backg ound
Do you wan o know mo e abou he esea ch p ojec o abou he in e iew?
Can you gi e me a sho in oduc ion o you p o essional backg ound
ega ding p ojec managemen and po olio managemen ?
2
Iden i y pe cep ions o dimensions ha
could be associa ed wi h p ojec po olio
success.
Wha c i e ia/dimension migh ep esen p ojec po olio success
dimensions?
Do you pe cei e
<<name o a p ojec po olio success dimension iden i ied in he li e a u e>>
as ele an o p ojec po olio isk assessmen ?
3
Iden i y pe cep ions o ca ego ies in
which p ojec po olio isk could be
analyzed
Could you iden i y ypes o isks, g oups o isks, o ca ego ies o isks ha
should be conside ed a he p ojec po olio le el?
Do you pe cei e
<<name o a PPR ca ego y iden i ied in he li e a u e >>
as
a ele an ca ego y o p ojec po olio isk assessmen ?
4
Iden i y pe cep ions o componen s o
P ojec Po olio Risk Assessmen (PPRA)
ha should be conside ed o designing
and conduc ing PPRA.
Could you iden i y he main aspec s o componen s ha should be
conside ed o an adequa e PPRA?
Do you pe cei e <<name o a PPR componen iden i ied in he li e a u e>>
as a componen o p ojec po olio isk assessmen ?
5
Ob ain addi ional in o ma ion conside ed
impo an om he in e iewee’s
pe spec i e ega ding PPR assessmen
Do you conside ha he e a e o he aspec s ha should be measu ed o
conside ed as pa o PPRA?
Do you wan o add any hing?
Re e ences
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