Project portfolio management framework: A systematic literature review of models and key components

Projects are essential mediums for businesses, organizations and industries to reach their strategic goal, however managing multiple projects simultaneously is a complex task. There have been a number of studies conducted on developing and introducing frameworks and models to help optimize project portfolio management. This study aims to identify these frameworks and analyze them to gain an understanding of the core components of these frameworks and to introduce the recent models and approaches used to optimize project portfolios. The methodology followed the guidelines of systematic literature reviews, by identifying a substantial number of papers, screening them and analyzing them until the research goals were met. The findings included 46 of relevant articles proposing models in project portfolio context, the data of the articles were recorded and presented and the models proposed were analyzed. Bibliographical findings were provided and by analyzing the models their core components were identified and using the core components a figure presenting the key components was illustrated.