Formal strategy processes have been shown to be insufficient in shaping strategy, particularly in turbulent environments. Emerging strategies that constitute independently from deliberate top-down strategy processes are important for organizational adaptability.This study explores strategic control mechanisms at the project portfolio level and their influence on emergent and deliberate strategies. Based on a sample of 182 firms, we show that both deliberate and emerging strategies positively influence project portfolio success, complementing each other. In turbulent environments, the relevance of deliberate strategy implementation decreases. Strategic control activities not only fosters the implementation of intended strategies, but also discloses strategic opportunities by unveiling emerging patterns.Furthermore, we find that deliberate strategy implementation and emerging strategy recognition mediate the performance impact of strategic control. Our findings suggest that strategic control at the project portfolio level has an important role to play in the purposeful management of emergent strategies.

Practitioners place strong emphasis on business cases with the expectation that using business cases to inform and drive investment decisions will assist in creating value from those investments. Maximizing the value generated by project investments is a central aim of project portfolio management, and the business case provides the underlying rationale for the evaluation of the value created in each project. However, research regarding the use of business cases at a project portfolio level is scarce and there is little guidance for portfolio managers on when and how to control business cases. We identify three elements of business case control at the portfolio levelthe initial review, the ongoing monitoring during project execution, and the post-project tracking until the business case is realizedand investigate the relationship between business case control and project portfolio success. Furthermore, we analyze enablers and contingencies for the application of business case control. Based on a cross-industry sample of 183 firms we find that business case control is positively related to project portfolio success. Accountability for business case realization and corresponding incentive systems increase this positive effect. Finally, we show that portfolio complexity also positively moderates the relationship.

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This chapter explores the role of project portfolio management in the relationship between the formulation and implementation of strategy. Extant research on project portfolio management focuses primarily on the implementation aspects, particularly the functions that aim for strategic fit and the realization of intended strategies under relatively stable conditions. This chapter adapts a process model to highlight specific project portfolio management tasks in the interplay between strategy formulation and implementation. We show that project portfolio management is not only a means for strategy implementation, but can also play an active role in enabling organizations to adapt to changing conditions, thus providing the impetus for the creation of new strategic initiatives.