The paper highlights some of the results of the feasibility study of an investment project in an energy company in Romania. One of the objectives of this study was to determine in which extent the technical and economic objectives of the investment can be attained in a context heavily influenced by various risks, including environmental risks.

The New Steering Model in Germany, as adoption of the New Public Management wave in the 90ies, focuses to bridge the distinctions between private and public management. Risk management could be one of the selected tools. In Germany, the public administrations have to declare their detected individual chances and threads for a sustainable allocation of services to the citizens in the annual status report.

One of the objectives of this research was to determine and identify the relevant Key Performance Indicators at project and portfolio of projects level. A secondary objective was to define the working procedures for conducting a performance analysis in order to manage the portfolio of projects for reaching the planned performance targets.

The search for competitive advantage has led to the recognition of innovation as a vital ingredient for survival and profitability. The presented results of the research highlight the particularities of the service innovation and offers some practical solution for integrating innovation into the business strategy.