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A new institutional economic theory of project management

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  • Ping Yung

Abstract

The theories of project management are not well developed despite the existence of extensive literature on the topic. This paper derives a New Institutional Economic theory of project management. It is suggested that project management encompasses both the discipline of operational management and that of economics. The operational management part deals with optimization of project processes. The basic postulation of the economic part is that human beings will maximize their benefits under constraints. Constraints are converted to either price or cost to facilitate the application of the law of demand. Three examples are used to demonstrate how refutable hypotheses can be derived when changes in constraints lead to changes in behaviours. The functions of project management are discussed in the contexts of this theoretical framework. A synthesis with existing theories is also given.

Suggested Citation

  • Ping Yung, 2015. "A new institutional economic theory of project management," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(1), pages 228-243, February.
    • Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:228-243
    DOI: 10.3846/16111699.2012.748689
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    References listed on IDEAS

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    1. Maylor, Harvey, 2001. "Beyond the Gantt chart:: Project management moving on," European Management Journal, Elsevier, vol. 19(1), pages 92-100, February.
    2. Ping Yung & Lawrence Wai Chung Lai, 2008. "Supervising for quality: an empirical examination of institutional arrangements in China's construction industry," Construction Management and Economics, Taylor & Francis Journals, vol. 26(7), pages 723-737.
    3. Aaron J. Shenhar, 2001. "One Size Does Not Fit All Projects: Exploring Classical Contingency Domains," Management Science, INFORMS, vol. 47(3), pages 394-414, March.
    4. Turner, J. Rodney & Keegan, Anne, 2001. "Mechanisms of governance in the project-based organization:: Roles of the broker and steward," European Management Journal, Elsevier, vol. 19(3), pages 254-267, June.
    5. Ping Yung, 2009. "Institutional arrangements and construction safety in China: an empirical examination," Construction Management and Economics, Taylor & Francis Journals, vol. 27(5), pages 439-450.
    6. Lundin, Rolf A. & Söderholm, Anders, 1995. "A theory of the temporary organization," Scandinavian Journal of Management, Elsevier, vol. 11(4), pages 437-455, December.
    7. Turner, J.R., 2001. "Project Contract Management and a Theory of Organization," ERIM Report Series Research in Management ERS-2001-43-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    8. Packendorff, Johann, 1995. "Inquiring into the temporary organization: New directions for project management research," Scandinavian Journal of Management, Elsevier, vol. 11(4), pages 319-333, December.
    9. Kadefors, Anna, 1995. "Institutions in building projects: Implications for flexibility and change," Scandinavian Journal of Management, Elsevier, vol. 11(4), pages 395-408, December.
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