nep-ppm New Economics Papers
on Project, Program and Portfolio Management
Issue of 2025–12–08
thirteen papers chosen by
Arvi Kuura, Tartu Ülikool


  1. Beyond traditional planning: Using real options to navigate uncertainties in next-generation public safety projects By Savunen, Tapio; Töyli, Juuso; Mähönen, Petri
  2. Transformative Community Planning as a Tool for Advancing Mobility Justice: Two Case Studies Using Community-Based Participatory Action Research and Racial Equity Impact Assessment By Acey, Charisma PhD; Lin, Margaretta; Pinigis, Alex; Lindheim, Dan PhD; Herbert-Faulkner, Roland Awadagin PhD
  3. Perceptions émotionnelles et subjectives dans les processus de due diligence menés par les investisseurs By Eddy Garcia; Stephany Eric
  4. Artificial Intelligence and the Rents of Finance Workers By Colliard, Jean-Edouard; Zhao, Junli
  5. Ecologization and transformation of work at the meso and micro levels of transition: findings from two territorial food projects in France By Adelaide Nascimento; Marianne Cerf; Vincent Boccara; Chloé Le Bail; Raphaële Le Bouter; Irène Gaillard; Alice Lyonnet; Agathe Riou; Alain Garrigou; Leïla Boudra
  6. Getting Permission When Options Are Partially Ordered By Hu, Peicong; Sobel, Joel
  7. Mapping Knowledge Networks for Climate Adaptation: Innovation and Exchange Among Local Authorities By Van Wolleghem, Pierre; Soares, Marta Bruno; Puga-Gonzalez, Ivan; Shults, LeRon
  8. Engineering, Procurement, and Construction Leadership and Project Complexity in the German Large Industrial Plant Manufacturing Industry: A Strategic Analysis of Competitive Dynamics in an Era of Global Competition By Hümmer, Matthias
  9. Seeding Change to Manage Climate Change: Growing Insights from Four USDA Programs to Support Climate-Smart Agriculture By Benami, Elinor; Bell, Anne; Messer, Kent D.; Zhang, Wei; Cecil, Michael
  10. Assessing the Quantification Methodology for the Affordable Housing and Sustainable Communities Program By Chatman, Daniel G.; Rodynansky, Seva; Boarnet, Marlon; Comandon, Andre; Snyder, Breitling; Patel, Kieran; Atkins, Jon
  11. Final report for the project "Defining what the relevant market is: A new method for digital antitrust" By Dertwinkel-Kalt, Markus
  12. From mapping to action: Social network analysis as a strategic tool in cross-national community interventions By Giorgia Trasciani; Stefano Ghinoi; Guido Conaldi
  13. Machine Learning Can Reveal Effectiveness of Traffic Safety Countermeasures By Li, Jia PhD; Qi, Yanlin; Zhang, Michael PhD

  1. By: Savunen, Tapio; Töyli, Juuso; Mähönen, Petri
    Abstract: This study examines the business aspects of mobile network operators (MNOs) in public safety mobile broadband projects using MNOs' 4G/5G networks. It compares incremental and waterfall project management approaches to assess their impact on MNO profitability, public funding requirements, and the management of investment uncertainty through real options. A discounted cash flow model was used to evaluate both approaches from the perspectives of MNOs and government authorities (GAs). The findings show that the incremental project management approach outperforms the waterfall approach for both MNOs and GAs, improving MNO profitability and reducing public funding needs through phased service introduction and user adoption. The choice between project management approaches depends on project goals – whether to prioritise rapid technology replacement or added value for public safety users. This study supports MNOs in optimising financial outcomes in public safety projects, provides strategic guidance for GAs in designing effective public safety procurement processes, and offers policy recommendations for regulation.
    Keywords: mobile network operator, public safety, public funding, incremental project management, real options
    Date: 2025
    URL: https://d.repec.org/n?u=RePEc:zbw:itse25:331305
  2. By: Acey, Charisma PhD; Lin, Margaretta; Pinigis, Alex; Lindheim, Dan PhD; Herbert-Faulkner, Roland Awadagin PhD
    Abstract: Top-down transportation planning practices have historically ignored the needs and concerns of low-income communities of color, which can lead to residential and commercial displacement as public investments increase land values and rents. The concept of mobility justice centers the needs of communities that have historically been excluded from transportation planning decisions. We partnered with community groups to examine two transportation planning projects in the Bay Area using collaborative research methods. The first was a retrospective analysis of the East Bay Bus Rapid Transit project in East Oakland that reflects the harms of top-down planning. The second study examined the City of Richmond’s Transformative Climate Communities projects, a more collaborative approach to planning with low-income communities involved at every stage. We find that the top-down planning model employed in the East Oakland case study resulted in significant health, safety, and displacement impacts that could have been avoided. The Richmond case study shows project changes occurring as a direct result of using mobility justice principles.
    Keywords: Social and Behavioral Sciences, Transportation planning, Transportation equity, Underserved communities, Low income groups, Sustainable transportation, Public health
    Date: 2025–11–01
    URL: https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt5154d2hd
  3. By: Eddy Garcia (MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier, UM - Université de Montpellier); Stephany Eric
    Abstract: The complexity of decision-making in entrepreneurial environments, particularly during due diligence (DD), has been studied from various angles in the scientific literature. DD is a thorough evaluation process conducted by investors aimed at analyzing the financial, legal and operational information of a startup to assess the risks and viability of the project before making an investment decision. It is a mechanism that helps reduce uncertainty and information asymmetry (Kaplan and Stromberg, 2003) by providing an objective data base to guide decision-making. Traditionally, the analysis of these processes has focused on financial, legal and technical approaches, leaving aside the emotional and subjective dimensions of the interactions between Innovative Entrepreneurs (IEs) and Expert Business Angels (EBAs). Kaplan and Stromberg (2003) highlight that information asymmetry is a central problem in these interactions, as investors must evaluate projects at an early stage without having access to complete information. This uncertainty exacerbated by the lack of suitable tools to integrate emotional perceptions often leads to decision-making biases. Our research proposes to reduce this information asymmetry and uncertainty by taking into account subjective mechanisms.
    Abstract: phases de due diligence (DD), a été étudiée sous divers angles dans la littérature scientifique. La DD est un processus d'évaluation approfondi mené par les investisseurs visant à analyser les informations financières, juridiques et opérationnelles d'une startup pour évaluer les risques et la viabilité du projet avant de prendre une décision d'investissement. C'est un mécanisme qui permet de réduire l'incertitude et l'asymétrie d'information (Kaplan et Stromberg, 2003) en fournissant une base de données objectives pour guider la prise de décision. Traditionnellement, l'analyse de ces processus s'est focalisée sur des approches financières, juridiques et techniques, en mettant de côté les dimensions émotionnelles et subjectives des interactions entre les Entrepreneurs Innovants (EI) et les Business Angels (BA). Kaplan et Stromberg (2003) soulignent que l'asymétrie d'information est un problème central dans ces interactions, car les investisseurs doivent évaluer des projets à un stade précoce sans avoir accès à des informations complètes. Cette incertitude exacerbée par le manque d'outils adaptés pour intégrer les perceptions émotionnelles conduit souvent à des biais décisionnels. Notre recherche propose de réduire cette asymétrie d'information et l'incertitude à travers la prise en compte des mécanismes subjectifs.
    Keywords: subjective perceptions, prise de décision entrepreneurial finance, incertitude, amorçage, perceptions subjectives, finance entrepreneuriale
    Date: 2025–06–25
    URL: https://d.repec.org/n?u=RePEc:hal:journl:hal-05308331
  4. By: Colliard, Jean-Edouard (HEC Paris - Finance Department); Zhao, Junli (Bayes Business School)
    Abstract: This paper studies how artificial intelligence (AI) affects the finance labor market when humans and AI perform different tasks in investment projects, and workers earn agency rents that grow with project size. We identify two key effects of AI improvement: A free-riding effect raises worker rents by increasing the probability of successful investment when the worker shirks; A capital reallocation effect shifts investment toward workers with higher or lower rents, depending on which tasks AI improves. Contrary to standard predictions, AI can raise both worker rents and labor demand. We derive implications for capital allocation, labor demand, compensation, and welfare.
    Keywords: Artificial intelligence; labor market; automation; rents in finance
    JEL: O33
    Date: 2025–07–08
    URL: https://d.repec.org/n?u=RePEc:ebg:heccah:1576
  5. By: Adelaide Nascimento (SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Marianne Cerf (SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Vincent Boccara (CPU - Cognition, Perception et Usages - LISN - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Chloé Le Bail (CPU - Cognition, Perception et Usages - LISN - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Raphaële Le Bouter (BPH - Bordeaux population health - UB - Université de Bordeaux - Institut de Santé Publique, d'Épidémiologie et de Développement (ISPED) - INSERM - Institut National de la Santé et de la Recherche Médicale); Irène Gaillard (CRTD - Centre de recherche sur le travail et le développement - Cnam - Conservatoire National des Arts et Métiers [Cnam], Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Alice Lyonnet (SayFood - Paris-Saclay Food and Bioproduct Engineering - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Agathe Riou (SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Alain Garrigou (BPH - Bordeaux population health - UB - Université de Bordeaux - Institut de Santé Publique, d'Épidémiologie et de Développement (ISPED) - INSERM - Institut National de la Santé et de la Recherche Médicale); Leïla Boudra (PARAGRAPHE - Laboratoire Paragraphe - UP8 - Université Paris 8 - CY - CY Cergy Paris Université)
    Abstract: This article analyses the links between the ecologization of food systems and transformations of work in two Territorial Food Projects in France. Three case studies are explored, based on a reflective analysis conducted by the researchers: the governance of a Territorial Food Project; the management of a sustainable food offer in mass catering; and the project to replace plastic containers in a central kitchen. For each case, an ergonomics-based iterative methodology was used, drawing on observations, semi-structured interviews, working groups, and reflective workshops. The results reveal how workers act as essential mediators between the macro level (the Territorial Food Project and related laws), the meso level (collective action in local projects) and the micro level (the activity of actors in the food system).
    Keywords: Work, Territorial food projects, Participatory ergonomics, Ecologization, Ecological transition
    Date: 2025
    URL: https://d.repec.org/n?u=RePEc:hal:journl:hal-05331924
  6. By: Hu, Peicong; Sobel, Joel
    Abstract: A manager has access to expert advisers. The manager selects at most one project and can implement it only if one expert provides support. The game in which the manager consults experts simultaneously typically has multiple equilibria including one in which at least one expert supports the manager’s favorite project. We describe the set of outcomes that survive iterative deletion of weakly dominated strategies. These outcomes typically exclude the manager’s most preferred equilibrium outcome. We introduce sequential procedures and compare their performance to the simultaneous game. In general, sequential consultation may be superior or inferior to simultaneous consultation.
    Keywords: 38 Economics (for-2020), 3801 Applied Economics (for-2020), 3803 Economic Theory (for-2020)
    Date: 2025–01–01
    URL: https://d.repec.org/n?u=RePEc:cdl:ucsdec:qt3q79f8sh
  7. By: Van Wolleghem, Pierre; Soares, Marta Bruno; Puga-Gonzalez, Ivan; Shults, LeRon
    Abstract: As climate change intensifies, European local authorities (LAs) face growing pressure to adapt effectively. This article explores how LAs acquire and disseminate climate and policy knowledge, with a focus on their participation in EU-funded Research and Innovation (R&I) projects and Transnational Municipal Networks (TMNs). We map over 500 LAs involved in climate-related R&I projects and nearly 14, 000 LAs participating in 12 TMNs. Social Network Analysis (SNA) is used to identify influential hubs, LAs that have potential to both generate and spread adaptation knowledge. We find considerable variation in participation across LAs, both in R&I projects and TMN membership. Cities like Lisbon, Milan, and Tampere emerge as potential “super-spreaders”, displaying high centrality and the potential to bridge otherwise disconnected parts of the European network.
    Date: 2025–11–25
    URL: https://d.repec.org/n?u=RePEc:osf:socarx:erxqg_v1
  8. By: Hümmer, Matthias
    Abstract: This conceptual paper develops an integrated framework for understanding how multi-dimensional project complexity management capabilities mediate competitive dynamics in Engineering, Procurement and Construction (EPC) industries. Drawing on systematized narrative review of literature from 2020 to 2025, combined with foundational complexity theory, two complementary models are constructed: an ascending pathway depicting how emerging contractors systematically build technical, organizational, and environmental capabilities to achieve global EPC leadership; and a descending pathway characterizing how established leaders experience capability erosion when organizational and environmental complexity management capabilities deteriorate faster than technical knowledge persists. The core theoretical contribution demonstrates that sustainable EPC competitive advantage increasingly derives from the ability to simultaneously manage high technical, organizational, and environmental complexity, rather than technical knowledge alone. This insight is operationalized through a Technical-Organizational-Environmental (TOE) complexity framework, mapping how capability phases correspond to distinct complexity profiles and identifying critical junctures where strategic intervention can alter trajectory. The framework is applied diagnostically to the German Large Industrial Plant Manufacturing Industry (GLIPMI), identifying distinct subsectors in different phases of capability erosion and specifying sector-specific vulnerabilities and intervention points. Eight testable propositions are formulated connecting complexity management capabilities to competitive outcomes. The paper provides both theoretical grounding for capability-based competition in EPC markets and practical implications for firms, industry associations, and policymakers. However, it needs to be acknowledged that this framework represents theory-building rather than empirical validation; the propositions require future primary research to test causal mechanisms and boundary conditions. The analysis suggests that complexity management capability is necessary for sustained EPC leadership but may not be sufficient when confronted with asymmetric subsidization, pricing pressures, or structural financing disadvantages.
    Date: 2025–11–27
    URL: https://d.repec.org/n?u=RePEc:osf:socarx:fzr8x_v1
  9. By: Benami, Elinor; Bell, Anne; Messer, Kent D.; Zhang, Wei; Cecil, Michael
    Abstract: In 2022, the U.S. authorized one of the single largest investments in the history of agri- environmental programs worldwide. Among its provisions, the Inflation Reduction Act of 2022 directed $3billion (bn) in funding for the new Partnership for Climate-Smart Commodities (PCSC) to promote climate-smart agricultural practices and markets across the country. Additionally, the IRA directed another $11bn to the historically oversubscribed Environmental Quality Incentives Program (EQIP) and the Conservation Stewardship Program (CSP), and nearly $5bn to the Regional Conservation Partnership Program (RCPP). This manuscript evaluates the PCSC’s added value compared to these existing programs and extracts lessons from their implementation. Using administrative data and program design documents, we assess and compare the structures and investments of each program, focusing on support for Historically Underserved Producers (HUPs). We find that past funding through EQIP, CSP, and RCPP primarily benefited states with more producers, and nearly 40% of the funds obligated in existing conservation programs supported practices that USDA already classified as climate- smart. Despite progress in enrolling more HUPs, retaining them requires addressing the disproportionate share of canceled and terminated contracts occurring among these groups. Furthermore, the shift towards partnership-style initiatives across conservation programs could enhance the impact and cost-effectiveness of funding, as well as it may unlock opportunities for Copyright 2024 by Elinor Benami, Anne Bell, Kent D. Messer, Wei Zhang, and Michael Cecil. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. more tailored agreements, particularly for tribal communities. Prior monitoring, reporting, and evaluation methods used in these programs often focus on the numbers of producers served, dollars obligated, contracts issued, or acreage covered paired with physical models used to estimate program impact. To make effective use of this unprecedented infusion of funding into conservation agriculture, however, we suggest novel, state-of-the-art evaluation techniques. Such techniques include deploying randomized experiments and leveraging project-relevant geospatial data merged with program administrative information to generate rigorous impact evaluation on producer behaviors within these programs as well as their corresponding economic and environmental impacts In so doing, this funding offers the chance to help build the evidence-base for strategic use of future conservation funding as well as help de-risk future investments for other types of financial services—thereby accelerating the transformation to sustainable agri- food systems in the US and beyond.
    Keywords: Environmental Economics and Policy, Public Economics, Sustainability
    Date: 2024–07–26
    URL: https://d.repec.org/n?u=RePEc:ags:iaae24:344333
  10. By: Chatman, Daniel G.; Rodynansky, Seva; Boarnet, Marlon; Comandon, Andre; Snyder, Breitling; Patel, Kieran; Atkins, Jon
    Abstract: Do affordable housing projects in high-quality transit-oriented development areas reduce auto use? By how much? Under what conditions? These questions are complex but highly relevant for the state of California. Its Affordable Housing and Sustainable Communities (AHSC) program estimates reductions in vehicle miles traveled (VMT) associated with project applications, and scores applications partly on this basis. Building on a large set of existing empirical literature, we carried out a new analysis of how the built environment affects travel in California. We relied on several data sources including movement data from cell phones purchased from a private firm; travel diary data from the 2017 National Household Travel Survey (the most recent household travel survey for the state); data on housing characteristics and commuting from the 2017 American Housing Survey; and neighborhood, community, and regional built environment and public transportation data from Federal and local sources. Consistent with previous literature, we did not find evidence that parcel-level characteristics influenced auto use, but our study reinforced the evidence in existing empirical literature about the importance of larger-scale built environment factors influencing VMT, from the scale of the Census block group up to the radius of a 45-minute drive from home. We recommend that the AHSC calculator be modified to take these factors into account, in addition to including the availability of off-street parking, when calculating VMT reductions. We also recommend that the calculator use a counterfactual assumption about alternative development locations using our quantitative estimates and based on a more appropriate spatial scale.
    Keywords: Social and Behavioral Sciences
    Date: 2025–08–15
    URL: https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt99j4s0bp
  11. By: Dertwinkel-Kalt, Markus
    Abstract: This is the final report for the project “Defining what the relevant market is: A new method for digital antitrust.”
    Keywords: Market Definition
    JEL: D12
    Date: 2025
    URL: https://d.repec.org/n?u=RePEc:zbw:esrepo:333212
  12. By: Giorgia Trasciani (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Stefano Ghinoi; Guido Conaldi (Centre for Organisational Research - Univerisity of Lugano)
    Abstract: Community interventions increasingly leverage Social Network Analysis (SNA) both to understand relational patterns and to facilitate structural changes within networks. Indeed, SNA serves not only as an analytical tool but also as a catalyst for reflection and change. Although SNA has been widely used as an intervention tool, its application in cross-national contexts remains underexplored. This study aims to address this research gap by investigating how SNA can contribute to cross-national community interventions. We use a case study approach based on a longitudinal analysis of the Assistance and Legal Program for Emigrant Support (ALPES) network, a cross-national project established at the Italian-French border. In this project, SNA has been used both as a diagnostic tool to map the information exchange network of third-sector organizations and as a strategic intervention strategy that produced behavioral changes in these organizations. Our results show that SNA functioned as both a translational monitoring tool and a catalytic intervention: network visualization prompted organizations to strategically alter their collaborative patterns and address structural gaps in migrant support services across borders. This demonstrates how network feedback processes can enhance inter-organizational collaboration in complex cross-national contexts.
    Keywords: Collaboration, Third sector organizations, Inter-organizational network, Community intervention, Social network analysis
    Date: 2026–05
    URL: https://d.repec.org/n?u=RePEc:hal:journl:hal-05384371
  13. By: Li, Jia PhD; Qi, Yanlin; Zhang, Michael PhD
    Abstract: Emerging machine learning capabilities can be leveraged to make transportation infrastructure safer and reduce fatalities by informing decisions about which countermeasures to apply at crash-prone locations. At this time, project prioritization typically involves assessing effectiveness, cost-benefit ratios, and available funding. Crash Modification Factors (CMFs) play an essential role in project assessment by predicting the effectiveness of safety countermeasures. Their applicability has limitations, however. Some of these may be overcome with innovative approaches such as knowledge-mining.
    Keywords: Engineering
    Date: 2025–08–01
    URL: https://d.repec.org/n?u=RePEc:cdl:itsdav:qt0x26t67j

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