IMPACT OF COVID-19 PANDEMIC ON PROJECT PORTFOLIO MANAGEMENT-A CASE STUDY ON CONSTRUCTION INDUSTRY IN SOUTHERN INDIA
DOI:
https://doi.org/10.33736/jcest.3981.2021Keywords:
Project portfolio management (PPM), Bayesian network, COVID-19, Pandemic, RiskAbstract
In India, Project Portfolio Management (PPM) is in practice as a tool for prioritizing and managing real estate projects in construction organizations. But due to insufficient funding, improper judgment of experts during the crisis situation, the selection of optimal project portfolio prototype can be viewed as a risk based decision making process involving various risk factors. The objective of this study is to analyze the importance of project portfolio management and the risks associated with it in the construction industry taking into account the impact of novel corona virus COVID-19. This research identifies the adoption of more consistent project governance, risk management techniques and way more careful project portfolio management as the core area of study. A conceptual framework for Project Portfolio Management is also designed after analyzing various parameters of Project Portfolio Management of construction industry with the help of Bayesian framework. The key motive for undertaking this part of examination on real estate sector of Indian construction industry in southern part of India to reduce the impacts and increase the return on investment from the projects by mitigating the effect of risk factors associated in the projects. Project Portfolio Management tools and techniques are very useful for managing multiple construction projects.
References
Horváth, V. (2019). Project management competence-definitions, models, standards and practical Implications. Vezetéstudomány-Budapest Management Review, 50(11), 2-17.
https://doi.org/10.14267/VEZTUD.2019.11.01
Walker, A. (2015). Project management in construction. John Wiley & Sons.
Al-Kilidar, H., & Davis, S. (2011). Towards Project Portfolio Management for Sustainable Outcomes in the Construction Industry. PMOZ 8th Annual Project. Available from: https://opus.lib.uts.edu.au/handle/10453/17446
Baptestone, R., &Rabechini, R. (2018). Influence of portfolio management in decision making. Journal of Industrial Engineering and Management, 11(3), 406-428.
https://doi.org/10.3926/jiem.2464
Gamil, Y., &Alhagar, A. (2020). The Impact of Pandemic Crisis on the Survival of Construction Industry: A Case of COVID-19. Mediterranean Journal of Social Sciences, 11(4).
https://doi.org/10.36941/mjss-2020-0047
Linwang, S., Wang, Y., Cai, J., & Long, Y. (2016). A Three Dimensional Project Portfolio Management Framework for Companies. The Open Civil Engineering Journal, 10(1), 179-188.
https://doi.org/10.2174/1874149501610010179
Krishnan, S. R., Selvan, K. ., & Kumar, S. S. (2017). Impact of Demonetisation on Construction Industry. International Journal of Economics and Management Studies, 4(1), 24-27.
https://doi.org/10.14445/23939125/IJEMS-V4I1P104
Voss, M. (2012). Impact of customer integration on project portfolio management and its success-Developing a conceptual framework. International Journal of Project Management, 30(5), 567-581.
https://doi.org/10.1016/j.ijproman.2012.01.017
Romessis, C., & Mathioudakis, K. (2006). Bayesian network approach for gas path fault diagnosis
Yet, Barbaros, Anthony Constantinou, Norman Fenton, Martin Neil, Eike Luedeling, and Keith Shepherd (2016). A Bayesian network framework for project cost, benefit and risk analysis with an agricultural development case study, Expert Systems with Applications.
https://doi.org/10.1016/j.eswa.2016.05.005
Goldszmidt, M. (2010). Bayesian network classifiers. Wiley Encyclopedia of Operations Research and Management Science.
https://doi.org/10.1002/9780470400531.eorms0099
Rabelo, C. C., Feres, M., Gonçalves, C., Figueiredo, L. C., Faveri, M., Tu, Y. K., & Chambrone, L. (2015). Systemic antibiotics in the treatment of aggressive periodontitis. A systematic review and a Bayesian Network meta‐analysis. Journal of Clinical Periodontology, 42(7), 647-657.
https://doi.org/10.1111/jcpe.12427
Chatterjee, K., Hossain, S.A., Samarjit Kar (2018). Prioritization of project proposals in portfolio management using fuzzy AHP. OPSEARCH, Springer; Operational Research Society of India. 55(2), 478-501.
https://doi.org/10.1007/s12597-018-0331-3
King, S. S., Rahman, R. A., Fauzi, M. A., Haron, A.T. (2020). Mechanisms for addressing the impact of COVID- 19 on infrastructure projects. IOP Conference Series: Earth and Environmental Science. 682, 012047.
https://doi.org/10.1088/1755-1315/682/1/012047
Wang, L. L., Lo, K., Chandrasekhar, Y., Reas, R., Yang, J., Eide, D., et. al. & Kohlmeier, S. (2020). Cord-19: The covid-19 open research dataset. ArXiv. Available at: https://arxiv.org/abs/2004.10706.
Ron Schipper, R.P.J., Gilbert Silvius, A.J.(2018). Towards a conceptual framework for sustainable project portfolio management. International Journal of Project Organisation and Management. 10(3), 191-221.
Downloads
Published
How to Cite
Issue
Section
License
During the manuscript submission process, the corresponding author, on behalf of all authors, will be asked to agree to the terms of the Open Access Publishing Agreement by checking the designated agreement box (see Copyright & Licensing for more information).
Open Access Publishing Agreement
1) By agreeing to these terms, the author(s) retain full copyright and grant UNIMAS Publisher the right of first publication. The author(s) also grant UNIMAS Publisher permission to reproduce, recreate, translate, extract, or summarize, and to distribute and display in any forms, formats, and media. The author(s) can reuse their papers in their future printed work without first requiring permission from UNIMAS Publisher, provided that the author(s) acknowledge and refer to the publication in the Journal.
2) The author(s) agree that their articles published under UNIMAS Publisher are distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0), which permits unrestricted use, distribution, and reproduction in any medium, for non-commercial purposes, provided the original work of the author(s) is properly cited.
3) The author(s) are responsible for ensuring their submitted work is original and does not infringe any existing copyright, trademark, patent, statutory right, or proprietary right of others. The corresponding author has obtained permission from all co-authors prior to submission to the journal. Upon submission of the manuscript, the author(s) agree that no similar work has been or will be submitted or published elsewhere in any language. If the submitted manuscript includes materials from others, the authors have obtained permission from the copyright owners.
4) By agreeing to this statement, the author(s) declare that the research which they have conducted complies with the current laws of the respective country and UNIMAS Journal Publication Ethics Policy. Any experimentation or research involving humans or the use of animal samples must obtain approval from the Human or Animal Ethics Committee in their respective institutions. The author(s) agree and understand that UNIMAS Publisher is not responsible for any compensational claims or failure caused by the author(s) in fulfilling the above-mentioned requirements. The author(s) must accept the responsibility for releasing their materials upon request by the Chief Editor or UNIMAS Publisher.
5) The author(s) should have participated sufficiently in the work and ensured the appropriateness of the content of the article. The author(s) should also agree that they have no commercial attachments (e.g., patent or license arrangement, equity interest, consultancies, etc.) that might pose any conflict of interest with the submitted manuscript. The author(s) also agree to make any relevant materials and data available upon request by the editor(s) or UNIMAS Publisher.
