JSPM Vol 5 Issue 2

EXAMINING THE ROLE OF LEADERSHIP OF PORTFOLIO MANAGERS IN PROJECT PERFORMANCE

Muhammad Owais Munir, Rabia Furqan, Saba Shahzad and Abdul Basit. Department of Engineering Management, Center for Advance Studies in Engineering, Islamabad, Pakistan. owaismunir.case@yahoo.com

Citation: Munir, M.O., Furqan, R., Shahzad, S & Basit, A, (2017). Examining the role of leadership of portfolio managers in project performance, Journal of Strategy and Performance Management, 5(1), 23-41.

ABSTRACT

Leadership has significant and vital role in all types of businesses; big or small, for projects of any nature; industrial or domestic and for any program or portfolio of an organization. Through dedicated research, it has been deduced that the Leader’s style and Performance of a project are considerably interconnected. This paper discusses the pertinent Leadership styles of a Portfolio Manager that eventually impacts the performance of a project. In the hyper-competitive situation, to increase the profits of an organization and to minimize risks during project execution, the Portfolio manager has to exercise leadership qualities.  This paper ascertains the role and responsibilities of a Portfolio manager and the skills that he needs to improve the performance of a project. Competencies and skills set for a Leader and a Portfolio manager are also analyzed. Furthermore, the paper provides a link between Transformational Leadership style and 360 degree Leadership style of Portfolio Manager and Project performance.  There is not enough research made that shows that 360 degree leadership is considered as effective Leadership style for Portfolio managers. Through structured questionnaires and interviews, data is collected from different companies and project managers of Pakistan. Results concluded that that 360 degree Leadership style of Portfolio manager is of significant importance and has a positive influence on Project performance. However, this cannot guarantees success, and leaders have to learn how to shift from one leadership style to another as circumstances demand. Keywords: Leadership Style, Portfolio Manager, Project Performance, Portfolio and Projects.

!65

JSPM Vol 5 Issue 2

INTRODUCTION A portfolio is a high-level view of entire projects which organization is running in order to meet the business’s main strategic objectives. Many companies adopt project portfolio management processes to manage multi-project environments effectively and efficiently. The Portfolio Manager’s position is elevated form ‘monitoring and managing’ to ensuring portfolio’s consistency with the business strategy. Where program and project directors concentrate on 'doing work right', portfolio managers concentrate on 'doing the right work'. To attain extraordinary success, Project portfolio managers need a specific leadership model to achieve repeatable and sustainable extraordinary project performance. Leadership has a vital role in every single modern task, either it’s a small sized business or a large sized industry. Through dedicated research it has been found out that a leader’s style and performance of the project are significantly interconnected. There are several leadership theories and, like Trait theory, Behavioural theory, Contingency and Visionary theory. Leadership competencies of a Portfolio manager and high performance teams are the major factors that contribute towards project success. Portfolio manager’s leadership toward a stakeholders and project team, stimulus the project results and implementation. In different research papers, mostly transformational leadership is consider as better choice for portfolio managers. But the role of Portfolio manager involves having strategic overview of projects led by different project managers which are not necessarily inter-related and at the same time update & communicate with higher management and key stakeholders. In this scenario for successful portfolio leader, the best suited leadership style in today’s world is one that influences top management or bosses, peers and subordinates (project managers). We will discuss the impact of 360 degree leadership on project performance exercised by Portfolio manager.

We have reviewed the literature related to Leadership style, Portfolio Manager roles & responsibilities, Project Performance and Impact of leadership on Project Performance. In order to realize the relationship between Portfolio manager, leadership style and its impact on project performance, we should be clear about success factors and criteria for measuring project performance. These success criteria of a project may vary according to its type, nature, novelty, technology, complexity and the pace of the project. The well-known key areas that promise a successful project completion are good planning, achieving strategic success, scheduling & resource controlling and stakeholder satisfaction which can be achieved by exceptional leadership. When organization focuses on all the skill sets, 40% more of their project meet their target. Leadership is one of the most important skill set of PMI talent competency triangle (PMI, 2016).

It is important to note that the success or failure of project is directly proportional to the portfolio leader and his leadership type as a project is not an individual endeavor and a project leader must have personal and interpersonal traits to handle it (Mattus, 2015). Surprisingly, the literature on project performance factors does not specifically mention the

!66

JSPM Vol 5 Issue 2

project manager competence and leadership style as a success factor on projects (Turner & Muller, 2005). However, Mir and Pinnington (2014) found a positive relationship between project management performance and project success. Organizations are using project management as a strategic capability and enabler to achieve goals and objectives, which require sound managers to direct their staff (Houston, 2015). At each level of management of an organization, managers have to fulfill many roles and have different responsibilities. Right kind of leadership is needed to enhance the project success. Leadership style definitely influence the human behavior which in turns effect the project performance, like the collaboration of teamwork, management of source, communication with both followers and clients (Jiang, 2014). The manager’s leadership instigate motivation among people and create conducive working environment in order for the project team to meet greater challenges. But there is no definitive skill and leadership style combination that is suitable for handling portfolio, program or projects, and project leadership direction is not correlated to project structure (Lee-Kelly and Leong, 2003). 360 degree leadership, introduced by Johan C. Maxwell, facilitates project leader to lead up, lead down and lead across as he define leadership is basically being influential (Vittal, 2010). In real world there are several challenges and project leader often feels frustration and struggles to cope up with issues because he has some power, authority, access to resources but also encounters legal and financial constraints. For successful project leader the best suited leadership style in today’s world is one that influences top management or bosses, peers and subordinates (Maxwell, 2005).

Portfolio management is essential to confirm that companies are spending their restricted resources in the best possible way. Recently, portfolio management gains more importance as it reduces the company strategy implementation gap, reduce organization politics and avoid resource conflict (Kerzner, 2003). Portfolio manager is responsible for smooth running of portfolio administration. The capabilities and abilities this individual ought to have are better than those of project managers, as portfolio managers ought to take a 'helicopter view' over all running ventures (Beeland and Mooia, 2014). Strategic essential capabilities required of venture managers toward its success are Leadership and teamwork, planning and organization, communication, ethics and ethical values, Internal and external stakeholder management, political understanding, knowledge management, financial management, risk management, project and process management. Most of these abilities are soft skills. Three indispensable skills every project or program professional  includes aligning the projects in the portfolio with organizational goals, manage multiple project budgets at once and Risk management (PMI, 2013). Based on research, knowledge, experience and personality traits are project administration proficiency areas. Knowledge area contains general management skills such as leadership, communication, negotiation, team building and HRM skills. The knowledge of the generally accepted project management areas and industry specific technical knowledge also plays vital role. Other skills includes degree of innovativeness, level of self-monitoring, conflict management style,

!67

JSPM Vol 5 Issue 2

and degree of change orientation can affect project outcomes.  According to Rad and Anantatmula (2010) critical performance measuring criteria is based on client perception which is focused on the deliverables, team assessment and the enterprise perspective, which is based on financial and commercial features (Creasy, 2013). Project performance will be achieved if it provides some form of value & benefit to both stakeholder and company. Successful management of portfolio includes financial achievement, future accomplishment, internal realization and customer related success.

Portfolio Manager’s Role and Responsibilities

Recently, portfolio management gains more importance as it reduces the company strategy implementation gap, puts down organization politics and helps to avoid resource conflict. Portfolio management includes decisions on basis of pre-defined processes about selection of project, prioritizing projects, balancing risk, allocation of resources and evaluation of project proposals. The role and responsibilities of portfolio manager is raised from “monitoring & managing” to ensuring portfolios consistency with business strategy. It has some similarities with project manager, however, portfolio manager must have inside knowledge of organization and should have better capabilities and abilities. The main reason is that he has to take aerial look of running ventures with strategic planning to correlate project goals with long term aims of organization. Portfolio managers receive performance reports and continuous progress status of various projects & programs, and deliver current status to high management. Portfolio manager is now responsible for establishing and keeping up significant portfolio management processes, frameworks to support portfolio management, continuously inspecting, reallocating, re-organizing, prioritization dealing with portfolio-level issues and dangers. It is important to identify the role and responsibilities of portfolio manager to understand the skills and competencies, which will directly impact the project performance.

Portfolio Manager Core Competencies

In recent years the role of portfolio manager has changed significantly because he is expected to take both business and project decisions as well as manage non-traditional projects. Consequently, portfolio manager has prominent responsibilities, more pressure and high expectations as compare to project manager. Project management institute latest literature indicates that important skills to successfully manage portfolio includes Project management knowledge, technical expertise, leadership skills, strategic business & management skills and other capabilities like financial and administrative dexterities. Since the role of portfolio manager is strategic, so special competencies and skill set are required, which could be achieved by adopting leadership traits. Portfolio management is not an individual endeavor, so portfolio manager must have good interpersonal skills. Tuner (1999) further identified seven traits, comprises of problem solving ability, result orientated, take

!68

JSPM Vol 5 Issue 2

initiative, self-assurance, communication and negotiation talent. In addition to this, portfolio manager should have project, program, portfolio knowledge, industry specific management and product or service development methodology. Current studies shows that successful portfolio leader’s manage stakeholder, spend more time in planning, lead from front to support their team, adjust according to situation, maintain quality relation within organization, manage risk and produce deliverables well in time.

Portfolio Manager – As Portfolio Leader

A Portfolio manager provides a bridge between high management, stakeholders and Project or program managers. So he should be able to exert his influence anywhere in the organization, in order to achieve repeatable and sustainable project performance, it requires specific leadership style. Instead of Portfolio Manager, Portfolio Leader is the demand of present era. He has to perform multiple tasks related to projects under his supervision. This demands consistent behavior, motivation, commitment to responsibility and flexibility which can only be accomplished through leadership. As portfolio leader, the relationship with his team is based on emotions and often spiritual beliefs instead of promised monitory benefits of their work. A Portfolio leader with effective leadership style is more efficacious in handling the management as compared to a portfolio manager. PMI has also recognized leadership as a main skill set of portfolio manager in talent competency triangle (PMI, 2016).

Effective Leader traits and Competencies

Leaders express and demonstrate an organization’s values and believes. Effective leaders possess motivation, honesty and integrity, self-confidence, cognitive ability and business knowledge. Some leadership potentials are crucial to all organizations, depending on organization itself decide leadership style to achieve competitive advantage. The role of leader changes according to circumstances and requirement of company’s strategic roles & responsibilities. When heading the organization, sets vision & strategy, manages change, makes decision, avoid politics and takes risks where appropriate. When leading himself, demonstrates ethics and integrity, exhibits drive and purpose, leadership stature, keep learning and increase self-awareness.  Effective leader when lead others constantly communicate effectively, develop others, expands relationships and manage project and program teams.

Project Performance

Initial studies on Project management identify completing project within scope, time and cost as performance criteria. However, iron triangle is no more final success factor in today’s hyper competitive environment. At present, Project performance highly depends on meeting stakeholders expectations, available resources and most important on the project

!69

JSPM Vol 5 Issue 2

or portfolio manager competency level. From portfolio management point of view, performance is based on to what extent the project outcome meets the strategic objective of financing organization. Studies shows that project performance is greatly influenced by technical performance and customer satisfaction. As suggested in recent research Pedro & Rodney (2015), Turner &Zohim (2012) and shenhar & Clvin (2007) project performance is based on technical performance, efficiency of project, stakeholder satisfaction, project team contentment, strategic success, resource leveling and improved business performance.

Leadership Style for Portfolio Manger

Leadership style and project performance are highly dependent on each other as leadership has significant impact in every single task or complete project. There are several theories, models, tools & techniques in leadership development field. They are mainly divided into four areas, trait theory, behavior theory, contingency theory and visionary theory. The present study however throws light on a bit modern style i.e. transformational leadership and 360 degree leadership style of portfolio managers.

a. Transformational Leadership Style James MaGregar Burns introduced the concept of transformational leadership (1978) which was further developed by Berned M. Bass (1985) where relation of leader and followers is based in high level of morality and motivation. Numerous studies demonstrated that transformational leadership style have significant and positive influence on the organizational performance. Transformational leader sets clear goal, encourages other, provides support and inspires people to reach beyond expectations. Portfolio manager can act as a transformational leader by communicating company strategy, vision & mission and identify the way through which project & program teams can contribute directly. With transformational leadership portfolio manager build strong trust based relationship with program & project teams.

b. 360 Degree Leadership Style 360 degree leadership, introduced by Johan C. Maxwell, facilitates portfolio leader to lead up, lead down and lead across. In real world there are several challenges and Portfolio manager often feels frustration and struggles not only to cope up with issues because he has some power, authority, access to resources but also encounters legal and financial constraints. 360 degree leaders make impact, regardless of position and designation in the organization. For successful Portfolio leader the best suited leadership style in today’s world is one that influences top management or bosses, peers and subordinates.

!70

JSPM Vol 5 Issue 2

Methodology

Methodology is a systematic approach, and the methods utilized to collect information for a research study. A qualitative approach for data analysis becomes essential in dealing with subjects like project performance & leadership style. We have performed a multi-dimensional research to realize relationship between Portfolio Leader’s style and performance of projects. To realize this we have reviewed literatures and books related to leadership style, project success factors and their relation with success factors, leadership style influence on Project performance. Following areas were focused upon in the research with the aim to:-

1. Identify Portfolio manager skills effecting project performance. 2. Identify appropriate leadership style of Portfolio manager and its relationship with

Project performance.

3. Identify appropriateness of transformational and 360 degree leadership style for portfolio manager.

4. Identify project performance factors on which Portfolio manager leadership style has significant impact.

The study frame work is depicted below:

!71

JSPM Vol 5 Issue 2

Data Collection

After the selection of the companies working in different fields and businesses, questionnaire based survey and interviews were conducted from the managers and leaders involved in the project management of those companies. The purpose was to collect their point of views about ‘the leadership style of portfolio manager and its impact on a project performance’. In questionnaire “five point scale (strong impact, high impact, neutral, Low impact and strong impact)” has been used to check the impression. Also Google forms are used to develop web based questionnaires in addition to hard copies.

Results

Data was analyzed considering diverse leadership styles of a portfolio manager and their overall effect on a project performance. The results are compiled in tabulated form and studied by means of Microsoft Excel and Statistical Package for the Social Sciences (SPSS). Frequency and percent values were also taken into account to conclude the results.

Based on statistical analysis made on the data collection from 60 different individuals involved in project management, the following pie chart has been derived. Figure 1 shows that 52% people engage in project management out of 60, have strong opinion that Leadership is the most important skill required to successfully manage the portfolio of an organization. 18% employees think that Technical expertise & knowledge more important and 17% believe that Project management knowledge is a vital skill for portfolio management.

Figure 1: Most important skills

!72

JSPM Vol 5 Issue 2

required for successful management of portfolio of an organization

Figure 2 explains the essential characteristics required by a leader which can affect the performance. Out of the answers we received, the highest weightage is that of Motivation ability of a leader (73.80%). While other abilities like conscientiousness (64.6%), vision (63.1%), emotional resilience (61.5%), strategic perspective & thinking (60%) and communication skills (53.8%) are also much worthy.

Figure 2: Essential Leadership competencies and skill set

Essential traits and skills of Portfolio manager which effect the Project performance are illuminated in figure 3. The replies received from different employees involved in project management strongly agree that the leadership (70.7%) is the most critical skill required for portfolio manager. The traits like portfolio management knowledge (57.3%), communication & negotiation skills (56%) and mentor & coach (48%) stand in gradual tiers. Surprisingly the strategic planning ability of portfolio manager is rated low as 45.3%. From above results, it’s obvious that leadership is fundamental requirement for successful portfolio management and portfolio manager must have leadership skills for better performance of projects.

!73

JSPM Vol 5 Issue 2

Figure 3: Essential traits and skills of Portfolio manager

We performed correlation analysis with three construct namely Lead up, Lead across and Lead down principles and 360 degree leadership , which shows positive relationship between them.

Table 1: Correlation between Lead up, Lead across and lead down

We have also performed correlation analysis between four dimensions of transformational leadership.

!74

JSPM Vol 5 Issue 2

Table 2: Correlation between dimensions of transformational leadership

During interviews, Project managers were asked to map their leadership skills they used in their recent projects while answering the questions. Their general perspective about the performance criteria specific to their industry was also inquired. From analysis and research made on the interviews, project performance factors effected by the leadership skills & style were identified and noted. A summary of the results from the interviews conducted is given in the table No. 3.

Respondent No: 1

First respondent was from an IT industry. The Success factor of their project depends on the solution that compliant with all aspects of customer’s requirement. The company anticipated that to provide customers their acceptable quality deliverables and for their future agreements, it was necessary to keep them involved and take their consults during the product production to gain their confidence about the work and the end product that the company was going to provide to them.

A portfolio manager could provide a consistent role model for his team members. He appreciates & contributes with the peers and is always willing to take risk where appropriate during a project. His these leadership skills can improve the project performance in terms of timely work-done , quality product , better communication and understanding, quicker resolving of conflicts and meeting the criteria of the customer’s demands . So it can be said that the improved technical performance, enhance client/

!75

JSPM Vol 5 Issue 2

stakeholder satisfaction and enhance efficiency of Project execution are the major factors that are affected by this 360 degree leadership style.

Table 3: Interviews result matrix (Project performance factor influenced by Leadership skills)

Respondent No: 2

For the implementation of MRP (Material requirement planning) system, the project manager of another IT industry, considered that the objective achievement, end user satisfaction and successful utilization of product or service were the main criteria of better performance.

During a project completion, a clear vision of the project, setting up of targeted goals, courage to take initiative and managing team by identifying its strength and weaknesses can improve the overall project performance. Impact of these 360 degree leadership skills on ‘technical performance and efficiency of project’ helps in achieving strategic success.

Respondent No: 3

!76

LeadershipSkillsIdentified ImpactonProjectPerformanceFactors LeadershipSkillsIdentified ImpactonProjectPerformanceFactors

Readytotakerisk(Leadup) ImprovedTechnicalPerformance Goalsetting&Vision(Transformational) Improvedtechnicalperformance

AppreciatingandContributing(LeadAcross) Enhanceclient/stakeholdersatisfaction Takinginitiative(Leadup) Enhanceefficiencyofprojectexecution

Beingaconsistentrolemodel(LeadDown) EnhanceefficiencyofProjectexecution Teamstrength&weakness(Leaddown) Achievestrategicsuccess

Avoidofficepolitics(Leadacross)

Intellectualstimulation(Transformational) EnhanceefficiencyofProjectexecution SelfManagement(leadyourself) Enhanceefficiencyofprojectexecution

Criticalanalysisandjudgment Enhanceclient/stakeholdersatisfaction Takinginitiative(Leadup) Projectteamsatisfaction

Selfmanagement(Leadup) Appreciating&contributing(leadacross) Topmanagementsupport

Transfervisiontoteam(LeadDown) Identifystrength&weakness(leaddown)

SelfManagement(leadyourself) Enhanceefficiencyofprojectexecution Inspirationalmotivation(transformational) EnablecontinuousimprovementExpandyourcircleofAcquaintances(Leadacross) Topmanagementsupport Investinrelationalchemistry(Leadup) Enhanceclient/stakeholdersatisfactionIdentifystrength&weakness(leaddown) Visible&approachable(Leaddown) Achievestrategicsuccess

AppreciatingandContributing(Leadacross)

Readytotakerisk,Becomingateammember Achievestrategicsuccess letthebestideawins(Leadacross) ImprovedprojectteamsatisfactionBeingaconsistentrolemodel(Leaddown) Enablecontinuousimprovement Teamdevelopment&believeonteam(Leaddown)Enhanceclient/stakeholdersatisfactionExpandyourcircleofAcquaintances(leadacross) Inspirationalmotivation(transformational)

Inspirationalmotivation Topmanagementsupport Treatpeoplewithdignity&respect TopmanagementsupportLeadyourself(Leadup) EnhanceefficiencyofProjectexecution engagingcommunication EnhanceefficiencyofprojectexecutionBeingaconsistentrolemodel(Leaddown) Enhanceclient/stakeholdersatisfaction readytotakerisk(Leadup) Improvedtechnicalperformance

Avoidofficepolitics(leadacross)

RespondentNo.9 RespondentNo.10

RespondentNo.7 RespondentNo.8

RespondentNo.1 RespondentNo.2

Project Performance Factors influenced by Leadership skills of Portfolio manager

RespondentNo.3 RespondentNo.4

RespondentNo.5 RespondentNo.6

JSPM Vol 5 Issue 2

Portfolio manager of an Oil & gas industry believed that the success criteria was dependent on the completion of the project in time & cost , learning of project team and increase in production, that is benefits & value in terms of money and reputation.

Most of the projects and programs were initiated in field locations where limited resources, political instability, security issues and extreme weather conditions. Involvement of expatriates also made projects complex and risky. Only lead up & lead down skills and Intellectual stimulation are most appropriate abilities that impact directly on efficiency of project execution and stakeholder satisfaction.

Respondent No: 4 Senior Electrical engineer (Projects) shared that working in Oil & Gas industry was quite challenging and criteria of a program or a project realization highly depended on how well objectives were achieved in time. Self-management, lead down and lead across skills of 360 degree leadership style were utilized in their recent successful projects to gain top management support and project team satisfaction. These aspects enhanced the efficiency of project execution which in turns improved the performance of a project.

Respondent No: 5

‘The success criteria of a project defined for a workable product or service is that it is launched without errors and it fully satisfies the end user’, mentioned a WordPress developer in IT industry. Top management support and efficiency of project execution can be achieved through self-management, expanding circle of acquaintance and identifying strength & weakness of project team. Hence exercising 360 degree leadership skills improves the project performance.

Respondent No: 6

Another respondent told that they measured satisfaction, enabled continuous improvement, and strategic success was accomplished the project performance by the degree of customer satisfaction and project completion in specified time. By adopting transformational leadership style, the project performance factors like stakeholder.

Respondent No: 7 The performance criteria included customer satisfaction, Customer feedback, store health and product return rate. The project was successful because the company’s strategic objectives were achieved. The continuous improvement was made through 360 degree leadership skills.

Respondent No: 8

The company’s project success criteria depended on how readily a new and more effective idea or method was accepted by the project members. The company

!77

JSPM Vol 5 Issue 2

practiced the leadership traits like Inspirational motivation, team development and lead across skills and achieved success in their recent project. The overall performance of the project was enhanced by these leadership qualities as they led to more satisfied team as well as they had a direct impact on stakeholder satisfaction.

Respondent No: 9

Software Project manager emphasized that the traits like Inspirational motivation, self-management and a manager’s consistent role model were major leadership skills that were excised in their recent project activities. As a project manager, transformational leadership style ensured project efficiency, top management support and stakeholder satisfaction. He further added that role of leadership style of portfolio or project manager is universal on project performance.

Respondent No: 10

‘Performance criteria in our industry depends on improvement in production and achieving deliverable in time & cost’ mentioned the Deputy Chief engineer Instrument in Oil & Gas business. In extreme climate conditions and remote location, the project manager had to motivate team members through rewards & recognition, treat people with dignity, avoid politics and engage communication at all levels. These leadership skills increased project execution efficiency and improved technical performance.

Table 4: Project Performance factors

Discussion

!78

JSPM Vol 5 Issue 2

In this modern age of time, the Effective management of single project manager is no longer sufficient and the role of project Portfolio manager has become more critical. Many companies have adopted project portfolio management processes to manage multiple projects effectively and efficiently. However, success of portfolio management is directly proportional to portfolio manager, who is in charge of execution for portfolio administration process. A portfolio manager provides a bridge between high management, stakeholders and project & program managers. His role is quite complex. On one hand he has to keep close interaction with project managers and provides them resources, and on other hand he has to maintain close liaison with all stakeholders & top management to achieve strategic objectives. Therefore, core skill required to manage the portfolio of an organization is his better leadership quality. The leadership essential characteristics includes motivation, accurate & thorough visionary ability, emotional resilience and strategic thinking. The capability of the portfolio manager to take a leadership role and draw out the best bond of relationship and coordination among the team members working on the project so that they support one another whenever they are put to test or in times of crisis. Portfolio manager can impact on project success factors through leadership skills, communication & negotiation, portfolio management knowledge and techniques. The role of portfolio manager is not only to provide necessary resources to projects & programs but also act as mentor for his fellow project managers. Leadership dexterities of a Portfolio manager motivate people and create decent working environment to achieve company’s strategic goals. A Portfolio leader with effective leadership style is more efficacious as compared to a Portfolio manager for handling the same management.

Perfect planning & scheduling, controlling & monitoring and technical expertise alone without leadership cannot guarantee extra-ordinary performance of a project. As a portfolio manager, transformational leadership style ensured project efficiency, top management support and stakeholder satisfaction. Although, Leadership style of portfolio manager has changed its influence from hierarchal impact to multi-directional impact. It has thus abled to influence all the employees from top to bottom in every direction, thus becoming an influential portfolio leader. Research indicates that three different skills of leading up, leading across, leading down and the ability to influence others in every direction have strong and noticeable impact on project performance. Since they are closer to team members, so they receive real picture and accurate information. Definitely, not all the principles of 360 degree leadership utilized, instead depending on situation and state of affairs. The project performance depends on success factors which are identified as efficiency of project execution, stakeholder satisfaction, top management support and improved technical performance. The study reveals that impact of portfolio manager leadership style on project performance is significant. However, since leadership style and leadership could not be quantified so the impact on project performance is through subjective judgment. The leadership style of portfolio manager provide the environment for project managers and

!79

JSPM Vol 5 Issue 2

their team to perform their job effectively, which in turns generate a healthy atmosphere to accomplish all activities and task in time, within budget and quality, thereby achieving efficiency of execution. It is difficult to specify definite skill and leadership style that is suitable for managing diverse programs and project under portfolio.

Conclusion

The study reveals that impact of leadership on project performance is definite and universal. With 360 degree leadership style portfolio managers develop good relationships among peers, bosses and subordinates, consequently develop conducive environment for project & program teams to achieve better project performance and overall company’s strategic objective. However, there is no leadership style which guarantees success, and leaders have to learn how to shift from one leadership style to another as circumstances demand. Similarly, there is no definite skill or leadership style combination that is suitable for handling all sorts of portfolio, program or projects, and project leadership direction is not correlated to project structure. Applying RIGHT skills at RIGHT time, RIGHT knowledge for RIGHT jobs and being influential in every direction is the most effective leadership style. Through structured research, it has been established that present study has some limitations in its scope because of its narrow time and locality constraints. Firstly, the figures were cross sectional in nature as they were collected only over a single period of time. Also the data that has been used for the study is collected from the portfolios and project managers who are involved in projects that are run only in Pakistan. Although the study focused on multiple projects and diverse organizations but some hard core statistical techniques could not be tested to draw more comprehensive conclusions. Finally only leadership and leader’s skills of portfolio managers were taken into account to explore the relationship between leadership and project performance due to the scope of the work. However, further research studies can explore more areas of interest in depth especially with reference to organization structure and environmental factors. Making this study as a foundation, a future building can be laid by making a further study to find the effect of human behavior on Project performance and also how it is effected by varying some other performance criteria of project or program. Analysis on Failure of projects due to ineffectiveness of Portfolio manager Leadership may further be explored.

References

Ana L. Rosado Feger, A Framework for Exploring the Relationship Between Project Manager Leadership Style and project Success , Management Systems Department Ohio University College of Business

!80

JSPM Vol 5 Issue 2

Clemith J. Houston, Jr., PhD, CISSP, PMP University of Colorado–Boulder, (2015). Perspectives On Research And Case Studies Of Primary Factors For Project Success.

Farzana Asad Mir, Ashly H. Pinnington, (2013). Exploring the value of project management: Linking Project Management Performance and Project Success

Ginger Levin, DPA, PMP, PgMP, OPM3 certified assessor & consultant, (2010). Interpersonal skills more important as you climb the career ladder.

How do You Measure Your Success as a Project Manager, Issue of PMI Community Post, Oct 2012.

Harold Kerzner, Project Management Best Practices, 2007.

Juanjuan Jiang, (Jun 2014). The Study of the Relationship between Leadership Style and Project Success

J. Rodney Turner, Ralf Müller, (2005). The Project Manager’s Leadership Style s as a Success Factor On Projects: A Literature Review by the Project Management Institute Vol. 36, No. 1, 49-61, ISSN 8756-9728/03

John C. Maxwell, The 360 Degree Leader, 2015.

Lynda Bourne, (2011). Key roles within Project, Program and Portfolio Management,

Micheal O’Brochta, Great project Managers, PMP President Zozer Inc.

Nathalie Udo, President, Projectway, LLC, What Are The Core Competencies Of A Successful Project Manager

Paul Beelend, Herman Mooia (2014). Exploring the project portfolio manager’s role: Between a data manager and a strategic advisor Sergey Filippova*, Roelof van der Wegb, Frédérique van Ogtropc, Procedia - Social and Behavioral Sciences 119 95 – 104

PMI’s Pulse-of-the-profession, (2016). 8th Global Project Management Survey

PMI career Center, (2013). Three Must-Have Skills for Portfolio Managers

PM Network, (November 1996). Causes of Project Failure Ken Black

The Standard for Portfolio Management – Third Edition PMI.

Shobhna Raghpathy, (2009). Project Management to Leadership, President Proficient Project consulting Inc.

Todd Creasy, (2013).  Western Carolina University, Cullowhee, NC, USA Project Management Journal, Vol. 44, No. 6, 36–51

!81

JSPM Vol 5 Issue 2

Thomas Mattus, (March 2015). “Transformational Leadership for Project Managers”, PMI Global Congress Proceedings – Dubai, UAE

Vittal S. Anatatmula, (2010). Project Manager Leadership role in improving project performance, Engineering Management Journal.

!82