The current portfolio literature describes diverse approaches concerning the techniques of classification, selection, prioritization, and project management. The main objective of this article is to investigate the practical issues of portfolio management in Brazilian companies as well as to identify gaps and opportunities of improvement. The field research carried out in a Brazilian Chemical Company, which was studied for more than 2 years, through the case study approach based on the in-depth analysis. Furthermore, project portfolio management data were gathered during a 5-year period, in order to allow an evaluation of the outcome resulted from the portfolio decisions. It was possible to verify the practical application of the techniques proposed in the literature for classification, selection of the projects, and portfolio management. It was also possible to identify some critical variables for the implementation of some projects of the company such as the main purpose of this study, signaling critical factors of success for implementations of projects in Brazil.