Project Portfolio management has become a central way to manage product development efficiently and effectively. Selecting and implementing the right initiative that contributes to the organisational strategy is essential for success. It is, therefore, crucial to understand the depth of Portfolio Management standards and theories used and applied in actual cases. This research aims to evaluate the gap between theoretical literature and frameworks of Project Portfolio Management and execution of project portfolio management in practice. This research is a case study that follows a qualitative methodology that will use a thematic analysis approach in combination with semi-structured interviews to delve deep into the understanding of how PPM is implemented in a health tech organisation in Stockholm. A double bubble map method with an extended background and interviews lays the foundation for gap analysis.

The collected data shows that the organisation strives to balance strategic alignment, customer-centricity, and collaboration. Clear roles are defined, with leadership securing funding and the board intervening as needed. Customer satisfaction, financial metrics, feedback mechanisms and product safety are vital to the organisation. The organisation also has synchronisation activities, such as Portfolio Sync and Strategic Portfolio Review meetings, to ensure alignment within the portfolio.

However, the study has also found prominent gaps in the literature and PPM practices. The gaps within the literature highlight the need for new methods to address the challenge of adjusting the portfolio if strategic changes emerge when the portfolio is in motion. The literature must also provide the techniques to optimise portfolios for B2B organisations with long-running contractual obligations. The study has also found the need for more studies to establish product portfolio management frameworks like project management for a product-based organisation. Further, the gaps within the organisation and practical implementations of PPM practices highlight the need to use different tools and models to visualise the portfolio and assess its value before implementing it. There is also a gap within value evaluation, which, if further explored, can help the organisation if they put more effort into this after product delivery. Further research on communication flow in PPM is required to help the organisation overcome the challenges of decision-making and information flow.