Portfolio management: A new direction in public sector strategic management research and practice

• 成果类型: Article
• 署名作者: Roberts, Patrick; Edwards, Lauren Hamilton
• 署名单位: Virginia Polytechnic Institute & State University; University System of Maryland; University of Maryland Baltimore
• 刊物名称: PUBLIC ADMINISTRATION REVIEW
• ISSN/ISSBN: 0033-3352
• DOI: 10.1111/puar.13633
• 发表日期: 2023
• 页码: 947-959
• 关键词: revenue diversification; nonprofit organizations; FUTURE; STABILITY; IMPACT; field

摘要

Portfolio management is widely used by large government agencies and nonprofits, but it is rarely discussed in public administration scholarship. Portfolio management tools can illuminate groups of projects that should be considered as priority investments by highlighting the relationship of risk to outcomes. This article explores historical and theoretical reasons for the neglect of portfolio management, and then proposes using portfolio management to update a classic strategic management framework to guide organizational choices in public administration. Though portfolio management ideas originated in the private sector, public sector portfolio management differs from its private sector counterpart by trading off risk with public value or mission outcomes rather than financial outcomes. Portfolio management is a tool to incorporate risk to mission in investment decisions. It holds promise for adding an intermediate-level implementation tool to develop theories of public value. The paper concludes with hypotheses for future investigation.