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Historical Context

In: Business and Management

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Management Control of Project Portfolio Uncertainty: A Managerial Role Perspective
Tuomas Korhonen, Cost Management Center (CMC), Department of Industrial Management, Tampere University of Technology, Tampere, Finland Teemu Laine, Cost Management Center (CMC), Department of Industrial Management, Tampere University of Technology, Tampere, Finland Miia Martinsuo, Department of Industrial Management, Tampere University of Technology, Tampere, Finland

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ABSTRACT ■
This article presents empirical results on different managers’ viewpoints regarding the sources and management of project portfolio uncertainty. As a key result, this study demonstrates the versatility of uncertainties experienced by managers, the limited degree of perceived control over them, the use of an almost complete management control package in managing uncertainties, and the necessity of managers’ cooperation in the skilled use of the management control package when managing uncertainties. In addition, a further research agenda is proposed. KEYWORDS: project portfolio management; uncertainty; managerial roles; management control systems; product development

INTRODUCTION ■ n their product development, large companies have adopted project portfolio management (PPM) as a means for prioritizing and selecting product development projects among various options as well as allocating resources with the value maximization, balance, and strategic alignment of the portfolio in mind (Cooper, Edgett, & Kleinschmidt, 1997). Project portfolios, however, are challenged by different uncertainties that require managers to continually monitor, capture, and use relevant information to keep their portfolios responsive to the dynamic environment (Petit & Hobbs, 2010). Here, project portfolio uncertainties are defined as changes and developments in single projects, in the portfolio of projects, in the...

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