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The dominant contingency perspective emphasizes internal portfolio management, yet effective strategy implementation requires a stronger external orientation inside and outside the firm. This paper examines how project portfolios relate to their contexts using institutional theory, stakeholder theory, resource dependence theory, and sensemaking theory. Results explain mechanisms linking portfolios to context, reformulate portfolio success, and outline a renewed research agenda.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/management-of-project-portfolios-relationships-of-project-portfolios-with-their-contexts/240542/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/management-of-project-portfolios-relationships-of-project-portfolios-with-their-contexts/240542.png","ImageObject",442,249,{"name":88,"@type":89},"Maeve","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-03","2026-09-11",true,{"@type":98,"interactionType":99,"userInteractionCount":30},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the paper’s main focus regarding project portfolios?","Question",{"text":108,"@type":109},"The paper focuses on how project portfolios relate to their internal and external contexts during management.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Why does context matter for successful project portfolio management?",{"text":113,"@type":109},"Context matters because portfolios must create impact where conditions evolve, stakeholder-desired impact shapes success criteria, and strategic management requires specific capabilities.",{"name":115,"@type":106,"acceptedAnswer":116},"Which theoretical alternatives are used to study portfolio-context relationships?",{"text":117,"@type":109},"The study investigates relationships using institutional theory, stakeholder theory, resource dependence theory, and sensemaking theory.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},240542,1791731930,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":30,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":30},5909877438554,"https://ap-avatar.wpscdn.com/avatar/5600025385ad2bf12a7?_k=1778553567797529272","Management of Project Portfolios  \nRelationships of Project Portfolios With Their Contexts  \nMartinsuo, Miia; Geraldi, Joana  \nDocument Version  \nAccepted author manuscript  \nPublished in:  \nInternational Journal of Project Management  \nDOI:  \n10.1016/j.ijproman.2020.02.002  \nPublication date:  \n2020  \nLicense  \nCC BY-NC-ND  \nCitation for published version (APA):  \nMartinsuo, M. , & Geraldi, J. (2020) . Management of Project Portfolios: Relationships of Project Portfolios With Their Contexts. International Journal of Project Management, 38(7), 441-453.  \n[https://doi.org/10.1016/j.ijproman.2020.02.002](https://doi.org/10.1016/j.ijproman.2020.02.002)  \nLink to publication in CBS Research Portal  \nGeneral rights  \nCopyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights.  \nTake down policy  \nIf you believe that this document breaches copyright please contact us ([research.lib@cbs.dk](research.lib@cbs.dk)) providing details, and we will remove access to the work immediately and investigate your claim.  \nDownload date: 11. sep.. 2026  \nManagement of project portfolios:  \nRelationships of project portfolios with their contexts  \nAbstract  \nFirms create and manage project portfolios to implement and renew their strategies. With the dominant contingency theory view, studies have primarily focused on project portfolios and their internal management whilst acknowledging that different practices are needed in different contexts. A strategic view of managing project portfolios, however, requires adopting a stronger external orientation, both within and outside of the firm. In this paper, we call for research on the management of project portfolios. We investigate the relationship between project portfolios and their context based on four theoretical alternatives: institutional theory, stakeholder theory, resource dependence theory, and sensemaking theory. The results offer explanations to the mechanisms connecting project portfolios with their context, call for a reformulation of portfolio  \nsuccess, and propose a new research agenda to revitalize the study of managing project portfoliosin their contexts.  \nKeywords: Project portfolio; Project portfolio management; Strategy; External context; Theory  \n1. Introduction  \nWith the projectification and programmification of firms, project portfolios have proliferated in organisations. The literature on project portfolio and program management has bloomed, exploring topics such as the allocation of resources (Elonen and Artto, 2003; Engwall and Jerbrant, 2003), interdependencies between projects (Killen, 2017; Killen and Kjaer, 2012; Turkulainen et al., 2015; Vuorinen and Martinsuo, 2018), formal governance to guide the choice and control of projects (Korhonen et al., 2014; Teller et al., 2012), and decision-making (Kester et al., 2009, 2011; Kock and Gemünden, 2016) . The majority of the literature has looked within the project portfolio, potentially acknowledging turbulence generally in the portfolio’s context. However, managing the project portfolio cannot be limited to managing only its projects, because of strategic goals in the parent organisation (such as value maximisation or strategy  \nimplementation, e.g. Cooper, 2001) and the portfolio’s relationship with the firm’s internal and external context.  \nThis paper concerns the relations of project portfolios with their contexts. By context we mean the “unique conditions in which the project portfolio is being managed”(Martinsuo, 2013), including the firm’s internal context (other portfolios and departments, strategy), and external context (customers, stakeholders, other institutions) . The context is essential for the successful management of project portfolios at least for three reasons. First, project portfolios exist t","cbCaieIPKMawu0yd","https://ap.wps.com/l/cbCaieIPKMawu0yd","pdf",824925,47,"English","# Introduction\n## Project portfolios in organisations\n## Meaning of context and why it matters\n## Research gap and rationale","[{\"question\":\"What is the paper’s main focus regarding project portfolios?\",\"answer\":\"The paper focuses on how project portfolios relate to their internal and external contexts during management.\"},{\"question\":\"Why does context matter for successful project portfolio management?\",\"answer\":\"Context matters because portfolios must create impact where conditions evolve, stakeholder-desired impact shapes success criteria, and strategic management requires specific capabilities.\"},{\"question\":\"Which theoretical alternatives are used to study portfolio-context relationships?\",\"answer\":\"The study investigates relationships using institutional theory, stakeholder theory, resource dependence theory, and sensemaking theory.\"}]","Management of Project Portfolios - Relationships of Project Portfolios With Their Contexts | PDF",1789162541]