Project Portfolio Risk Management

Abstract

The purpose of this paper is to review existing literature in the portfolio risk management area and find out how researchers are addressing this topic in the time span of 1999-2020. Further, the aim is to identify research opportunities. This paper uses a systematic literature review (SLR) process published by international organizations and journals specializing in the field of project portfolio and risk management.Out of 1245 publications originally analysed. After 2-stage screening, the number was reduced. This paper presents findings from 90 selected papers. The review of literature provides an insight into project portfolio risk management process. The paper finds that the process for managing risks is similar to project risk management process and it is divided to phases. The coverage of portfolio risk management phases in literature varies. This study demonstrated thatproject portfolio risk analysis has a good representation in literature. On the other hand, project portfolio risk response planning is a candidate for further research.Additionally, several implications of research gaps have been identified. To name a few, uncertainty management, opportunity management, project portfolio risk management tools or human factor. This paper sees that project portfolio risk management research should be continued.