2023
Vol. 12, No. 1
In the present-day environmental and socio-economic conditions the classical project management approach, characterized by the minimization of the short-term economic loss and optimization of the “Iron Triangle” parameters, is becoming increasingly difficult to maintain. This paper discusses the theoretical underpinning, mechanism of structures and operability of comprehensive integration of sustainability into project management process. It is based upon the Triple Bottom Line (TBL) and the Stakeholder Theory, which explores the unique balancing of three factors: Profit, People, and Planet. We discuss and examine how traditional project management approaches (such as PRINCE2, PMBOK, etc.) can be re-engineered into Sustainable Project Management (SPM) approaches. The paper examines the potential of advanced Life Cycle Assessments (LCA), circular procurement models and project financing linked to environmental, social and governance (ESG) scorecards as drivers for this transition. Moreover, we explore the fundamental institutional and operational challenges toward carrying out sustainability integration, including the "green premium," the cognitive discounting of long- term benefits, and systemic structural inertia. In conclusion, the paper proposes a strategic maturity model to help project leaders make the leap from compliance to purpose-driven, sustainable value creation, positing that future project success will necessarily hinge on sustainable balance.
