A new holistic framework for megaproject portfolio success

Abstract

Portfolios comprising multiple megaprojects are increasingly prevalent across various industries, yet literature at the intersection of project portfolio management and megaproject management remains limited. This study addresses this research gap through a systematic literature review of 37 peer-reviewed articles, identifying specific practices that significantly impact megaproject portfolio success. Three critical drivers for success have emerged from this study: Proactive disposition, emphasizing a culture of continuous knowledge sharing and uncertainty mitigation; Flexible governance, reflecting adaptable portfolio structures accommodating diverse contexts; and aligned leadership, highlighting the importance of strategic involvement and commitment of top management. The identified drivers have been used to develop a novel framework that is specifically tailored for megaproject portfolio management. The framework shows how each driver supports core project portfolio management activities like strategic alignment, resource allocation, and risk management, and how they influence key success measures including project performance, strategic fit, portfolio balance, and synergy realization. Our novel contribution is to transcend the potential silos of the established project portfolio management activities by using the three drivers for an outcome-based approach, better suited to navigate the complexity of managing multiple megaprojects.