Understanding stakeholders’ different perceptions of value realization by projects: a mental model’s theory approach

What is it about?

Value is a key aspect of project management, with projects evolving from basic survival tools to strategic assets that align with business strategy, enhance competitiveness, and increase stakeholder value. Contemporary perspectives on project success prioritize long-term value generation in addition to the traditional iron triangle. However, value has different meanings depending on the stakeholder considered. This aspect creates a difficult task for managers when integrating value management into business practices. Drawing on the Mental Model’s Theory, which explores how individuals' internal representations shape their understanding of the external world, this study provides a framework for examining these perception gaps. This study investigates the origins of value perception differences among senior management, project managers, project teams, and end-users, revealing how mental models impact these views. Through a series of multivariate statistical techniques, the findings of this study offer insights into aligning stakeholder expectations and enhancing project outcomes, contributing to more effective project management practices and a deeper understanding of value realization complexities.

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