Portfolio risk management and its contribution to project portfolio success
an investigation of organization, process, and culture
Previous research has found supporting evidence of a positive relationship between project risk management and project success, but literature on how risk management is applied to and integrated with project portfolios has been scarce. The purpose of this study is to develop a comprehensive conceptual model that describes portfolio risk management and links it to project portfolio success through the mediating variable risk management quality. Based on a literature review, a comprehensive conceptual model is developed, which highlights the three components of portfolio risk management: organization, process, and culture. This model is described in detail through the identification of relevant components of portfolio risk management, risk management quality, and project portfolio success, as well as a discussion of the potential interrelationships among the variables.