Short answer

Actively seek out and integrate the diverse definitions of 'value' from all project stakeholders to ensure portfolio decisions align with broader organizational goals and maximize overall impact.

Field: Innovation & Design
Source: UTS ePRESS (University of Technology Sydney) (2015)
Method: Qualitative research, potentially incorporating case studies and expert panels (e.g., Delphi study).
Evidence: Moderate effect

Successfully managing project portfolios, especially in non-commercial sectors, requires understanding and integrating the varied and often conflicting definitions of 'value' held by different stakeholders. This innovation & design research insight is drawn from a 2015 study published in UTS ePRESS (University of Technology Sydney). Using Qualitative research, potentially incorporating case studies and expert panels (e.g., delphi study)., researchers explored how this design variable affects real-world outcomes. The key design takeaway: Actively seek out and integrate the diverse definitions of 'value' from all project stakeholders to ensure portfolio decisions align with broader organizational goals and maximize overall impact.

Study

Innovation & DesignHigh ImpactModerate effect

Diverse Stakeholder Values Drive Project Portfolio Success

UTS ePRESS (University of Technology Sydney) · 2015

Key Findings

01Value in project portfolios is complex and multifaceted due to diverse stakeholder expectations.
02Traditional financial metrics may not fully capture the 'value' generated in all organizational contexts, especially non-commercial ones.
03Understanding 'value for whom' and 'value by whom' is critical for effective portfolio decision-making.

Application

Design takeaway

Actively seek out and integrate the diverse definitions of 'value' from all project stakeholders to ensure portfolio decisions align with broader organizational goals and maximize overall impact.

How to apply

When initiating a new project or reviewing an existing portfolio, conduct a thorough stakeholder analysis to map out their individual definitions of value. Use this information to inform project selection criteria, resource allocation, and success metrics.

Project actions

01When starting a design project, list everyone who has an interest in it (stakeholders).
02Ask them what 'success' or 'value' looks like to them, not just what looks good to you.

Method & Evidence

AimHow do diverse stakeholder values influence project portfolio decision-making in multi-stakeholder environments?

MethodQualitative research, potentially incorporating case studies and expert panels (e.g., Delphi study).

ProcedureInvestigate different perspectives on 'value' from organizational, business, stakeholder, and project management literature. Integrate stakeholder theory and sensemaking frameworks to analyze how value is perceived and incorporated into portfolio decisions within organizations with multiple, potentially conflicting, stakeholder expectations.

ContextProject portfolio management, particularly in non-commercial or complex organizational settings.

Variables

IVStakeholder perspectives on value, organizational context.

DVProject portfolio decision-making outcomes (e.g., project selection, prioritization, resource allocation).

CVProject management methodologies, organizational structure.

Strengths & Limitations

Strengths

+Addresses a critical gap in understanding value beyond financial metrics.
+Integrates multiple theoretical perspectives (stakeholder theory, sensemaking).

Limitations

It can be difficult to get all stakeholders to clearly articulate their values, and sometimes their stated values might differ from their actual priorities.

Reliability & validity

Reliability could be enhanced through triangulation of data from multiple sources (e.g., interviews, documents, observations). Validity is strengthened by using established theories like stakeholder theory and sensemaking to interpret findings.

Think critically

If 'value' is subjective and depends on the stakeholder, how can a single project portfolio truly maximize value for everyone involved?

Design Principles

"Stakeholder-centric value definition: Prioritize understanding and integrating the varied value perceptions of all relevant stakeholders in project and portfolio decision-making."

Designers and engineers often operate within organizations that manage multiple projects. Recognizing that 'value' is not a monolithic concept but rather a subjective construct shaped by diverse stakeholder perspectives is crucial for aligning project outcomes with organizational strategy and achieving broader impact.

What This Means for Your Design

Different people care about different things when deciding if a project is 'good' or 'valuable'. To make good decisions about a group of projects, you need to figure out what everyone thinks is important.

How to use in your project

1.Reference this research when discussing how you identified and incorporated stakeholder needs and expectations into your design process, especially if your project has multiple user groups or organizational influences.

Add to My Project

Quick Cite

Paragraph starter

The selection and prioritization of projects within a portfolio are significantly influenced by the diverse and often conflicting value constructs held by various stakeholders. Recognizing that 'value' is subjective and context-dependent, particularly in non-commercial settings, is crucial. By actively identifying and integrating these varied stakeholder perspectives, design teams can ensure that project portfolios are aligned with broader organizational objectives and deliver meaningful outcomes beyond purely financial metrics.

Source

UTS ePRESS (University of Technology Sydney)

Value constructs in multi-stakeholder environments that influence project portfolio decision making

journal · 2015

View source

Questions About This Research

What does the research say about diverse stakeholder values drive project portfolio success?: Actively seek out and integrate the diverse definitions of 'value' from all project stakeholders to ensure portfolio decisions align with broader organizational goals and maximize overall impact. Evidence: UTS ePRESS (University of Technology Sydney) (2015).
Why does "Diverse Stakeholder Values Drive Project Portfolio Success" matter for design?: Designers and engineers often operate within organizations that manage multiple projects. Recognizing that 'value' is not a monolithic concept but rather a subjective construct shaped by diverse stakeholder perspectives is crucial for aligning project outcomes with organizational strategy and achieving broader impact.
How can designers apply this research?: Actively seek out and integrate the diverse definitions of 'value' from all project stakeholders to ensure portfolio decisions align with broader organizational goals and maximize overall impact.
What were the main findings?: Value in project portfolios is complex and multifaceted due to diverse stakeholder expectations.. Traditional financial metrics may not fully capture the 'value' generated in all organizational contexts, especially non-commercial ones.. Understanding 'value for whom' and 'value by whom' is critical for effective portfolio decision-making.
What research method was used?: Qualitative research, potentially incorporating case studies and expert panels (e.g., Delphi study)..
How strong is the evidence?: Evidence strength is rated Moderate effect, based on a 2015 journal from UTS ePRESS (University of Technology Sydney).
What should I do differently in my next project?: When initiating a new project or reviewing an existing portfolio, conduct a thorough stakeholder analysis to map out their individual definitions of value. Use this information to inform project selection criteria, resource allocation, and success metrics.
What are the limitations?: The study's findings might be heavily influenced by the specific organizational contexts and stakeholder groups examined. Generalizability to all project portfolio environments may be limited.