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Taking stock of project value creation: A structured literature review with future directions for research and practice

Published on May 1, 2016in International Journal of Project Management4.694
· DOI :10.1016/j.ijproman.2015.06.007
Markus Laursen3
Estimated H-index: 3
(AU: Aarhus University),
Per Svejvig6
Estimated H-index: 6
(AU: Aarhus University)
Sources
Abstract
Abstract This paper aims to take stock of what we know about project value creation and to present future directions for research and practice. We performed an explorative and unstructured literature review, which was subsequently paired with a structured literature review. We join several research areas by adopting the project value creation perspective on literature relating to benefits, value, performance, and success in projects. Our review includes 111 contributions analyzed through both an inductive and deductive approach. We find that relevant literature dates back to the early 1980s, and the still developing value-centric view has been the subject of many publications in recent years. We contribute to research on project value creation through four directions for future research: rejuvenating value management through combining value, benefits, and costs; supplementing value creation with value capture; applying a holistic approach to project, portfolio, and strategic management; and theorizing by applying independent models and frameworks.
  • References (115)
  • Citations (41)
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References115
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#1Ying-Yi Chih (ANU: Australian National University)H-Index: 6
#2Ofer Zwikael (ANU: Australian National University)H-Index: 22
Abstract Successful realization of project benefits is strongly associated with organizational performance. Formulating project target benefits is regarded as the first and critical step in the benefit management process. In this study, we drew upon relevant theories and conducted in-depth interviews with senior managers in Australia to develop a conceptual framework of project target benefit formulation and corresponding propositions. Our findings highlight the important role of project target ...
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#1Per Svejvig (AU: Aarhus University)H-Index: 6
#2Peter Andersen (AU: Aarhus University)H-Index: 7
Abstract This paper presents the results of a structured review of the rethinking project management (RPM) literature based on the classification and analysis of 74 contributions and in addition takes a critical look at this brave new world. Through the analysis, a total of 6 overarching categories emerged: contextualization, social and political aspects, rethinking practice, complexity and uncertainty, actuality of projects and broader conceptualization. These categories cover a broad range of ...
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Business strategies, which imply organisational change, usually require the development of projects, e.g. IT projects. However, organisations fail in implementing their strategies even though they employ project, programme and portfolio management techniques. Benefits Realisation Management (BRM) is a set of processes structured to close the gap between strategy planning and execution by ensuring the implementation of the most valuable initiatives. However, there is no empirical evidence of its ...
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Abstract The modern concept of project success includes the project contributing to the value creation of its base organization. We need tools to discuss what the project itself and the base organization should do to enhance this value creation. The Mission Breakdown Structure tool helps a company set up a project with a clearly defined mission and secures an effective interplay between the base organization and its project. This article presents the tool in principle and use an illustrative rea...
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Abstract This is a theoretical paper using the Web of Science search engine and Bibexcel analysis functions to determine key literature related to ‘project success’. The paper firstly provides background to the development of project success since the 1970s. Then, an inductive thematic analysis investigates which factors stakeholders, involved in projects, perceived as key to project success. It provides a better understanding of project success and identifies perceptions by senior management, p...
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Realization of project benefits is considered to be a reflection of project success and is therefore directly linked to organisational performance. However, the failure of projects to achieve their expected outcomes continues to remain a concern, particularly for publicly funded projects. An emerging body of literature suggests that the assessment of a project's capacity to deliver organizational outcomes should be considered within the broader context of ‘project benefit realisation’ or ‘projec...
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