Project portfolio management (PPM) is a strategic practice-based activity.•
Practice-based research approaches afford valuable understanding.•
We propose an agenda for furthering practice-based theory and research in PPM.•
Promotes research on PPM’s discursivity, leadership, materiality, representation.•
Supports using practice-based approaches to study PPM as a dynamic capability.
Project portfolio management (PPM) bridges strategy and project management. Traditional research in PPM has primarily investigated the rational, top-down and structural aspects of strategizing. By doing so, it has failed to focus on the underlying practices that are triggered by the strategy and how these practices frame strategy implementation. Practice-based research provides a methodological lens to explore the reality of strategic enactment through the project portfolio. Practice-based perspectives are under-represented in PPM research; therefore the aim of this paper is to provide an agenda for further practice-based research in PPM. Central to this agenda is a concern with various aspects of practice, including its discursivity, representation, dynamic capabilities, leadership and materiality.