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International Journal of Management (IJM)

Volume 11, Issue 6, June 2020, pp. 1058-1071, Article ID: IJM_11_06_094

Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=6

ISSN Print: 0976-6502 and ISSN Online: 0976-6510

DOI: 10.34218/IJM.11.6.2020.094

© IAEME Publication Scopus Indexed

A TIME-BASED PHENOMENON IN PROJECT

PORTFOLIO MANAGEMENT AND ITS EFFECT

ON BUSINESS SUCCESS

Vilas J Kharat

National Institute of Industrial Engineering, Mumbai, India

Dr. B.K.R. Naik

National Institute of Industrial Engineering, Mumbai, India

ABSTRACT

Project Portfolio Management (PPM), in a real sense, came in a long way. How

the portfolio of projects handled, there was a need for standardized procedures and

techniques followed by the organizations. PPM has proved to be of great worth in this

uncertain, competitive, deregulated, and dynamic business world. Auto Industry in

India is going through a phase where it has to deal with changing customer demands,

shorter product lifecycles, and vibrant markets. The Auto component Industry, which

supplies parts to these companies engaged in automobile assembly, is the most

affected in the dynamic and changing demands. The different tiers of the auto

component industry face varied challenges that need to address appropriately. The

research carried out by a questionnaire-based survey analysis. There are 356

responses collected from the various levels in organizations of IACI. The study talks

about the moderation effect (long and short term) of tierization on the of PPM

components on business success in the Indian Auto Component Industry (IACI).

Key words: best practices, business success, Indian auto component industry,

moderation effect, project portfolio management(PPM), tierization

Cite this Article: Vilas J Kharat and Dr. B.K.R. Naik, A Time-Based Phenomenon in

Project Portfolio Management and its Effect on Business Success. International

Journal of Management, 11 (6), 2020, pp. 1058-1071.

http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=6

1. INTRODUCTION

In this competitive and dynamic market, survival for any organization has become a vital

issue. Those organizations that do not follow standard rules and procedures and couldn't

acclimatize to the situations struggle for success. Project Portfolio Management (PPM) is one

effective way of coping with various portfolios, projects, and programs [22]. PPM has

become one of the highly exciting decision-making tools in the current business scenario

[9],[10]. It helps to deal with future aspects in an organization and provides deep insight into

A Time-Based Phenomenon in Project Portfolio Management and its Effect on Business Success


decision making. Challenges faced by the organizations are also in terms of investments at

varied phases of the project portfolio, resource availability and optimum Moreover, imbalance

in resource utilization does hamper the progress of the project and further impacts the overall

benefits of the organization [8], [12]. Globally, all the organizations involved in new business

practices are not sticking to only one business strategy [23]. They do follow standard practices

and also their signature methods that will allow them to tackle the dynamic nature of the

market due to frequent changes in customer demands [27].

Reference [32] surveyed seventy-five IACI (Indian Auto Component Industry) that

mentions the issues and challenges in the automobile sector. Due to incredible development

potential and large business marketplace in India, the requirement of auto component

companies are growing at a rapid pace. The domestic companies are either started their

venture or have collaborated with multinational companies leading to fierce competition in

the market [18]. The low cost and high-quality product approach, with the addition of

changing customer expectations, creates pressure on these organizations [19], [30], [32].

These organizations do need to adopt new and improved industrial practices. At a macro

level, the policy decision-makers should also support the auto component sector by promising

growth, which may require a restructuring of IACI [13].

These challenges faced by the organizations involved in auto component manufacturing

needs attention from a local and global perspective. The domestic requirement and increase in

international demand, raising the bar of quality and timely delivery. Upgrading to world-class

manufacturing methods to meet the market is one of the feasible solutions to tap business

opportunities. The business practices need to create a better impact on the overall business

with standard techniques [3]. The organizations using standard methods sustain in this

competitive market with a better approach and control over others. The literature provides

support to the PPM benefitting the organizations in an overall manner. In India, we have

inadequate studies and research on PPM, mostly focussing on the IT industry. The

manufacturing industry is facing a daunting task of dynamic changes in the market. PPM has

demonstrated in the past, how to handle portfolios, different projects in an effective manner.

Reference [9], [10] mentions, PPM supports companies to concentrate on ROI, balances the

portfolio with strategic alignment. Companies should align the projects with strategic business

objectives in mind, that can maximize the shareholders’ value. The primary purpose of PPM

is to classify, rate, order, and select projects for the portfolio [15].

1.1. Research Question

The study focuses on the PPM methods and tools used by different organizations given in the

literature. The literature provides information on the various components of PPM majorly

impacting business success. These components of PPM have a high impact on the business.

Furthermore, it is challenging to relate the performance of PPM to the success of all the

products. So, the study involves choosing the products of auto components in the market

launched within three years by the organizations of IACI. This research aims at following

research analysis:

Does tierization affect the relationship of PPM components with business success in IACI?

The study focusses on the influence of PPM in organizations in India. It also checks for the

effect of tierization in IACI on the business success of the organization. The study involves

collecting responses from the executives working in the organizations engaged in auto

component manufacturing.

Vilas J Kharat and Dr. B.K.R. Naik


2. LITERATURE REVIEW

PPM supports decision making that involves useful resource allocation, selection of the right

projects for the organizations. Project portfolio implementation is linked to sound innovative

management techniques and practices.

Companies that wish to be modest or competitive selects the most suitable projects that

use method for a portfolio selection leading to support most critical project actions [26]. There

are many tools and techniques for selecting and evaluating the projects for the portfolio.

However, still, there is a lacuna in the framework of project selection used by different

organizations [7]. There are reliable inferences derived from the investigation of the various

projects and the program about PPM. In a given portfolio, the given projects that are part of a

program, share a common goal, and also, they share a standard set of resources [4]. In case of

a conflict arising from resource allocation to project selection, the program manager has to

arrange and prioritize those projects which will deliver the benefits to the organization [16].

Reference [9] emphasized that ‘PPM is poorly handled’ in the organizations studied.

Amongst problems in implementing valuable PPM models and the techniques includes poorly

taken decisions as well as a scarcity of resources for numerous projects. Reference [6]

examined the relationship amongst PPM competences and competitive advantage. Findings

from the study support a positive correlation between PPM capabilities and new product

development outcomes. PPM is still considered as a new discipline of project management,

helping the organization in decision making, maximizing worth, and strengthening the

strategic objectives [29].

Table 1 Non-establishment of PPM Practices in organizations [25]

Without PPM Short-term effect Long-term effect

There are no selection

criteria or strategic

alignment of projects.

Organizational strategy is

poorly or not aligned with the

projects.

There is a wastage of resources

on wrongly selected projects.

There is a reluctance in

killing the projects not

beneficial to the

organization

Due to too many projects in

the portfolio, the resources are

thinly spread

Reduction in the benefits may

occur because of an increase in

time to market, decrease in

quality output.

The organizations may

have weak go/kill

decisions.

There are chances of an

increase in low profit or value

projects.

There will be a few high

performing projects or cash

cows.

Project selection based on

personal liking or

disliking, politics, scarcity

of stringent methods of

project selection

Organizations may be affected

by poorly selected projects.

The projects may prove to be a

failure – technically and

commercially, both.

Table-I shows the result of not using appropriate PPM techniques or practices in a given

organization. There is still a lack of proper awareness and knowledge about PPM is in many

firms. The PPM goals in various studies consist of balancing portfolio, maximizing the

portfolio worth, and aligning projects to strategy [2].

Balancing portfolios regarded as time-dependent phenomena (short vs. long-term

projects), and even it can be the technological know-how (new vs. mature) [31]. Future

preparedness is a long-term aspect. Moreover, financial success deals with a short-term issue

in organizations, that includes commercial success and market success of the firm [24], [31].

The project portfolio components should be measurable, ordered, and prioritized [14]. The



research in European firms indicates that a shift in focus from strategic initiatives to the

portfolio of enterprises is desirable. A thoughtful portfolio-management method can have a

positive impact on the business. Specifically, the research talks about identifying five

management practices that benefit the organization by increasing the influence of strategic-

initiative portfolios by changing the management perspective along five different dimensions:

scope, timing, interfaces, resource allocation, and feedback cycles in a strategic initiated

portfolio [33].

3. CONCEPTUAL FRAMEWORK AND HYPOTHESIS

DEVELOPMENT

A systematic approach followed for carrying out the literature review. The sources used were

from peer-reviewed articles. The research papers searched using keywords like PPM, best

practices, manufacturing, Auto component, and Automobile Industry.

3.1. Proposed Conceptual Model

The conceptual model derived from the research gaps found and referring to the literature

review. The proposed model consists of the relationship of the PPM components with the

business success in the organizations of IACI. It also deals with the moderation effect of the

tierization of IACI on the given relationship.

Figure 1 Proposed conceptual model

The best practices followed in the organization mentioned in the literature yields ten

constructs, as shown in the figure. Unlike the MSME act (2006), in India, which classifies the

manufacturing industry into three groups, namely micro, small and medium enterprises, the

IACI, according to ACMA (Automobile Component Manufacturing Association), divided

into different tiers.



3.2. Tiers of IACI as Moderator

The IACI includes companies from three tiers. Tier One companies affiliates with the Auto

Components Manufacturers Association (ACMA). The IACI has organized and even

unorganized sector. The companies belonging to the organized sector supplies components to

the original equipment manufacturers (OEM) and also aftermarket trading in engineering

parts. The companies of the unorganized sector cater to the aftermarket dealing in lesser value

components or parts. The three-tier structure of IACI is as mentioned below:

a) The tier one companies deal with Integrated systems that supply components mainly to

the original equipment manufacturers, and also manufacture different automotive parts,

b) The tier two companies cater to Tier one dealers and suppliers, and lastly,

c) The tier three companies practice the traditional or old-style ways of auto component

manufacturing for aftermarkets and also supplies components to tier two companies.

OEMs are sometimes in the tier one group due to the secrecy of the design in making of

the part [1], [21]. The Indian auto component manufacturing sector divided into different

clusters based on the convenience of supplying the components to the Automobile sector.

Most of the auto component manufacturing units located in the given clusters:

Mumbai, Nashik, Pune, Aurangabad (Western region)

Delhi, Faridabad, Gurgaon (Northern region)

Chennai, Hosur, Bangalore (Southern region)

Kolkata, Jamshedpur (Eastern region)

The data collected from the different companies are from these clusters.

4. RESEARCH METHODOLOGY

The research design is an outline for conducting a study with supreme control over factors

that may constrain the validity of the results [5]. Whereas reference [28] describes the

research design as “the researcher’s overall for answering the research question or challenging

the research hypothesis.” The research focusses on the responses given by the executives of

PPM in the IACI. The research carried out is non-experimental, quantitative, descriptive, and

contextual.

5. DATA ANALYSIS

The data screened for any missing values, outliers, normality, linearity, and multicollinearity.

The checks are necessary for model assessment success [20]. The filtered data is then

analyzed using SPSS 23.0, a statistical tool. SPSS used extensively in research carried out in

social science for various statistical tests and analyses. Researchers, government

organizations, companies, and others use this software for useful statistical analysis. The total

number of respondents was 387. Due to a few inadequate responses, the concluding number

of respondents is 356 and taken ahead for data analysis.

5.1. Descriptive Statistics

The data collected was from the four clusters mentioned above. The responses received

categorized into different tiers of IACI, work experience of the respondents, clusters, and

belonging to various departments.



5.1.1. Tiers (categories) of IACI

Fig.2 shows the percentage of the respondents belonging to the companies of the respective

tiers.

Figure 2 Percentage of respondents from different tiers (categories) of IACI

Most of the respondents, around forty-two percent, belong to tier-one companies, thirty-

five belongs to tier two and twenty-three percent to tier three.

5.1.2. Respondents belonging to different clusters of IACI

Fig.3 shows the percentage of the respondents belonging to the different clusters of IACI.

Figure 3 Percentage of respondents belonging to different clusters of IACI

The data collected shows forty-four percent belongs to the western region, seventeen

percent northern part, ten percent eastern region, and almost thirty percent southern region of

India.

[VALUE]%

[VALUE]%

[VALUE]%

Tier I

Tier II

Tier III



5.1.3. Number of years of Experience of the Respondents

Fig.4 shows the percentage of the respondents having years of experience in IACI.

Figure 4 Percentage of respondents having years of experience in IACI.

The above figure shows, about sixty-four percent of respondents have between five to ten

years of experience, seventeen percent have eleven to fifteen years, three percent have more

than fifteen years, and sixteen percent have less than five years.

5.1.4. Respondents belonging to different Functional Departments of IACI

Fig. 5 shows the percentage of the respondents belonging to the different functional

departments of IACI.

Figure 5 Percentage of the respondents belonging to the different functional departments of IACI.

The above figure shows almost fifteen percent of respondents work in design and

engineering, eleven percent in finance, forty-one percent in production, ten percent in the

supply chain, six percent in QA/QC, and thirteen percent in sales and marketing department.

For carrying out the exploratory factor analysis (EFA), the sampling adequacy checked

using the KMO test. The adequacy of the sample leads to carry out the EFA. Using Principal

Component Analysis (PCA) and Varimax Rotation, ten factors are derived and used for

carrying out confirmatory factor analysis (CFA).



The outcome of the sampling adequacy test given below:

Table 2 Sampling adequacy test outcome

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .811

Bartlett's Test of Sphericity Approx. Chi-Square 9439.552

df 1431

Sig. .000

5.2. Structural Equation Modeling (SEM)

SEM is a multivariate statistical technique, performed to analyze structured relationships. This

technique groups multiple regression analysis results and factor analysis results to examine

the structural relationship amongst the measured variables and latent or hidden constructs.

Many researchers choose this method as it assesses the interrelated and multiple dependence

in a sole analysis [17].

This model-derived after Confirmatory Factor Analysis (CFA) and SEM analyzed for the

effect of tierization on the relationship between PPM components and business success. The

moderation effect tested for the long-term and short-term impact on the business success of

the companies in IACI. It further helps in deriving two hypotheses related to the given model.

H01: The moderation effect of tierization is not significant in the relationship of PPM

components and the short-term business success of the organizations in IACI.

HA1: The moderation effect of tierization is significant in the relationship of PPM components

and the short-term business success of the organizations in IACI.

H02: The moderation effect of tierization is not significant in the relationship of PPM

components and the long-term business success of the organizations in IACI.

HA2: The moderation effect of tierization is significant in the relationship of PPM components

and the long-term business success of the organizations in IACI.

Before the finalization of the structural model, it is necessary to check for the model fit. In

this regard, the measurement model tested for acceptance in five steps:

Model testing of all the PPM components.

Model testing for the relation between PPM components and business success (short-

term).

Model testing for the relationship between PPM components and business success

(long-term).

Model testing with the effect of tierization of IACI on the relationship between PPM

components and business success (short-term).

Model testing with the effect of tierization of IACI on the relation between PPM

components and business success (long-term).

The analysis of the moderating effects of the given model using latent constructs is

complex. The typical modeling stages utilizing interaction terms are generally not applied

with latent or hidden constructs as it may deal with issues of model convergence and

misrepresentation of standard errors. It may lead to a model misfit. Instead, the multi-group

confirmatory factor analysis is a substitute for measuring the consequence of moderator

variables in the specified model. The investigator identifies interest where the moderator

variable measured and for the given path controlled with parameter equal to 1, the model

designated as the constrained model. This technique will evaluate the two different models -

the constrained model and the unconstrained model.



5.3. Results and Findings

The objective of the research is to check the moderation effect of tierization on the

relationship between PPM components and the short and long term impact of the business

success of the organizations of IACI.

5.3.1. The moderation test for the effect of tierization on the relationship between PPM

components and business success (short-term)

The statistical analysis carried out in this regard is to check the Chi-Square value of the given

model with constraints and without constraints. In short term business success, the main

parameters in the purview of PPM are ROI, profitability, economical nature of the business,

performance enhancement, and finally, meeting the deadlines of time and budget. These

parameters show the immediate measures of success.

The model fit indices using AMOS 23, is as shown:

Table 3 Fit measures with the effect of tierization of IACI on the relation between PPM components

and business success (short-term)

Fit Measures Standard

Range

Observations

Chi-Square Insignificant Insignificant

CMIN/DF < 3 1.236

Absolute Fit Measures

GFI (Goodness-of-Fit Index) >0.9 0.969

AGFI (Adjusted Goodness-of-Fit Index) >0.9 0.954

RMSEA (Root Mean Square Error of

Approximation)

<0.08 0.026

Incremental Fit Measures

NFI (Normed Fit Index) >0.9 0.838

CFI (Comparative Fit Index) >0.9 0.964

TLI (Tucker- Lewis Index) >0.9 0.962

IFI (Incremental Fit Index) >0.9 0.927

Parsimony Fit Measures

PNFI >0.5 0.786

The fit indices indicate the observations adhere to the standards for model fitness, as

mentioned by many researchers.

As the companies that are involved in tier one of IACI, works in tandem with the OEM's,

they expect to have standardized ways of carrying out processes. The dynamic demands of

these OEM effectively managed by tier-one companies. Tier two and tier three companies

generally lack such kind of setup, and even they strive hard, they are still way behind tier one

companies. The comparative study checks whether the companies belonging to different tiers

have any moderating effect or not on the relationship between PPM components and business

success.

The moderation effect of tierization is checked by comparing the data of tier I and the

other two tiers. The result of the comparative analysis of Moderation test of tiers on the link

of PPM components on the short-term effect of business success in IACI is as shown below:



Table 4 Moderation test for the impact of tierization on the relationship of PPM components on the of

business success (short-term)

Constraine-

d model

Unconstrained

model

Chi-Square

difference

Result of

Moderation

Result on

Hypothesis

Chi-

Square

1420.394 1419.850 0.544 Not

significant

Significant

df 1150 1149 1

As the Chi-Square value between the constrained and unconstrained model is less than

3.84, the moderation test is not significant. The difference in the Chi-Square value is 0.544

(1420.394 – 1419.85), and the difference in degrees of freedom of the given model is 1150 –

1149 = 1. For the significance of the test, the difference in the Chi-Square value of the

presented models must be higher than 3.84 for the given value of Chi-Square with one degree

of freedom. The analysis further indicates that the tierization of IACI is not having a strong

significance on the relationship of PPM components on the short-term effect of business

success.

5.3.2. The moderation test for the impact of tierization between the relationship of PPM

components and business success (long-term)

The model fit indices for moderation test for the impact of tierization between the relationship

of PPM components and business success (long-term), using AMOS 23.0 is as shown:

Table 5 Fit measures with the effect of tierization of IACI on the relation between PPM components

and business success (long-term)

Fit Measures Standard Range Observations

Chi-Square Insignificant Insignificant

CMIN/DF < 3 1.255

Absolute Fit Measures

GFI (Goodness-of-Fit Index) >0.9 0.968

AGFI (Adjusted Goodness-of-Fit Index) >0.9 0.953

RMSEA (Root Mean Square Error of

Approximation)

<0.08 0.027

Incremental Fit Measures

NFI (Normed Fit Index) >0.9 0.940

CFI (Comparative Fit Index) >0.9 0.962

TLI (Tucker- Lewis Index) >0.9 0.960

IFI (Incremental Fit Index) >0.9 0.829

Parsimony Fit Measures

PNFI >0.5 0.787

The fit measures of a structural equation model suggest the degree to which the model

meet the empirical data. Despite GFI and AGFI have close to the standard range, it is within

the range of moderate acceptance [17].

The comparative analysis carried between tier-one and the other two tiers for the

moderation test on the relationship between PPM components, and the long-term effect of

business success in IACI is as shown in table III.



Table 6 Moderation test for the impact of tierization on the relationship of PPM components on

business success (long-term)

Constraine-

d model

Unconstrained

model

Chi-Square

difference

Result of

Moderation

Result on

Hypothesis

Chi-

Square

1446.4 1442.1 4.3 Significant Significant

df 1150 1149 1

As the Chi-square value between the two models, constrained and unconstrained, is more

than 3.84, the moderation test proves to be significant. The Chi-Square value difference is 4.3

(1446.4– 1442.1), for one degree of freedom. The moderation test further indicates that the

tierization of IACI is having a strong significance on the relationship of PPM components on

the long-term effect of business success. Reference [6] in her study, highlighted that PPM

capabilities is a time-dependent phenomenon for any organization, and it develops over time.

Moreover, this knowledge has an impact on PPM performance in an organization. Long term

business success parameters considered in this research in the purview of PPM are market

share, implementation to future projects, new market, future-ready, and customer satisfaction.

As mentioned earlier, PPM implementation does require overall participation and is a

time-dependent phenomenon where the results can’t expect in a shorter duration of time. The

Tier I companies do have standardized processes for the manufacturing of parts, but still, they

may not cope up fast with the changing demand from the OEM's. PPM practices should

follow throughout the company for the best results. Research has proven that the companies

engaged in PPM practices are not only able to make good profits but also sustain in the long

run.

4. CONCLUSION

The work included testing of the proposed model and validating it for the impact of PPM

components on the business success in IACI. The effect of tierization on the given

relationship tested. The result shows a significant moderating effect on the long-term impact

of business success in the organizations of IACI.PPM practices give positive results if it is

practiced regularly and is companywide. The average project success depends upon deadlines

of time and budget. It is challenging to gain the mileage of implementation of PPM in a

shorter duration of time. The impact of PPM on ROI, profitability, and economic nature of

business for any company may not have any effect on tierization as a moderator.

Similarly, performance enhancement in the organization not experienced in a shorter

period. Moreover, many authors mentioned that PPM implementation does require the overall

participation and is a time-dependent phenomenon where the results can’t expect in a shorter

duration of time. The tier one companies do have standardized processes for the

manufacturing of parts, but still, they may not cope up fast with the changing demand from

the OEM’s. The significant moderation effect of tierization shows that effective

implementation of PPM differentiates from company to company. Companies belonging to

tier-one may have a positive impact of PPM on making the company future-ready. This aspect

may somewhat assure the company of sustainability in the long run. Well planned strategy

and effective implementation of PPM to the lowermost level has an established record of

business success in large firms. Tier one companies do have an advantage of close liaison

with the automobile manufacturers. The standard practices followed by these organizations

are indirectly absorbed in the auto component manufacturing companies. Compared to tier-

one companies, tier two and tier three companies may focus on future-readiness, but lack of

awareness and implementation of PPM practices, may not help them positively. Once the



standards set by the companies engaged in PPM practices, they search for a new market to

expand so that the implementation of these practices will assure them business success. The

customers for the tier-one company are the OEM’s. These customers are satisfied when the

product specification matches the required ones. Long term benefits of the implementation of

PPM may keep the customers happy, which further has a positive effect on the business.

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A TIME-BASED PHENOMENON IN PROJECT PORTFOLIO … › MasterAdmin › uploadfolder › IJM_11_06_0… · PORTFOLIO MANAGEMENT AND ITS EFFECT ON BUSINESS SUCCESS Vilas J Kharat National