Managing Project Portfolios Sustainably

The concept of sustainability has historically been associated with the outputs of business operations. Certain industries have been targeted to reduce their negative impact on the environment and mandated to adopt sustainable operations methods to do so. This might include reducing the carbon footprint, reducing waste products, using more recycled materials, using less petroleum-based fuels, etc. It is not just the regulatory requirements that are driving companies to adopt sustainability initiatives, though, they are being held accountable by their stakeholders for their environmental performance. “Any organization seen as harmful to the environment is very likely to be seen as socially irresponsible, and therefore risks the relationship with all of its stakeholders.” (Carboni & Hodgkinson, 2013)

The current view of sustainability is that it must be incorporated into every aspect of the organization, from the mission and vision of the organization to the long-term performance of its products and services, socially, environmentally, and economically. Project portfolio management is viewed as a driver for sustainability, as it aligns projects to corporate strategy. Integrating sustainability with project portfolio management can help organizations strategically manage sustainability and become more socially responsible (Carboni & Hodgkinson, 2013). Studies have also shown that sustainability can improve operating capability and reduce costs.

For this Discussion:

• 1-In your own words, explain what sustainable project portfolio management is.
• 2-What are the benefits of integrating sustainability into project portfolio management? What are the challenges?
• 3-How is managing project portfolios to the triple bottom line different from managing them to the traditional triple constraints?
• 4- What decisions would need to be made if a project within a portfolio is on time and on budget but is not performing against the tRequired Readings

Required Readings:

Carboni, J. & Hodgkinson, J. (2013). Corporate social responsibility and project portfolio management. PM World Journal, 2(9). Retrieved from https://pmworldjournal.net/wp-content/uploads/2013/08/pmwj14-sep2013-carboni-hodgkinson-corporte-social-responsibility-FeaturedPaper.pdf

This article provides an overview of the PRISM model for integrating sustainability into project portfolio management.

Green Project Management. (2016). The GPM P5® standard for sustainability in project management. Retrieved from https://greenprojectmanagement.org/the-p5-standard

In 2009, the Green Project Management organization established The GPM P5® for Sustainability in Project Management to “address the challenges that humanity faces head on.” The standard provides a framework for exploring product and process impact in three areas: society (people), environment (planet), and economic (prosperity).

Luiz Martens, M., & Carvalho, M. M. (2016). Sustainability and success variables in the project management context: An expert panel. Project Management Journal, 47(6), 24–43.
Note: You will access this article from the Walden Library databases.

This article reviews the literature related to project management and sustainability and categorizes the content in three dimensions: economic, environmental, and social.

Tinoco, R. A., Carlos Eduardo Yamasaki, S., & Hasan, R. (2016). Responsible project management: Beyond the triple constrains. Journal of Modern Project Management, 4(1), 80–93.
Note: You will access this article from the Walden Library databases.

This article provides a framework for operationalizing responsible project management, especially for “megaprojects” that deliver infrastructure in developed and developing countries.riple bottom line? Provide an example.