Configuring for Success: A Conceptual Framework of Project Portfolio Management Archetypes and Capability Bundles

Project portfolio management (PPM) is critical for achieving strategic objectives but has been studied in fragmented silos. We propose a configuration-theoretic perspective that views project portfolios as coherent clusters of practices and capabilities. Drawing on the literature on portfolio success and dynamic capabilities, we identify four archetypal project portfolio configurations– innovation-driven, governance-driven, alignment-driven , and balanced-adaptive –each combining distinct success determinants (e.g., stakeholder engagement, formal processes, agility, culture). The proposed conceptual framework maps how these configurations mobilize sensing, seizing, and transforming capabilities to realize different dimensions of portfolio success. The paper contributes a holistic model that unifies disparate findings, generates formal propositions about portfolio design, and outlines implications for managers and future empirical testing.