Value in Megaprojects

Abstract

Project management value has moved from ideas of 'value management'to ideas of 'understanding how stakeholders value different things'.In line with this new paradigm, value in megaprojects is influencedby the complex morass of stakeholders involved. This paper exploreshow stakeholders engage with the megaproject delivery process andvalue creation. From extant literature, the author reviews the definitionof megaprojects and discusses their characteristics. Value and stakeholdervalue was also discussed. It was proposed that internal stakeholdersare concerned with the value from 'project management deployment'while external stakeholders are primarily concerned with the 'valuefrom project outcome'. Using a framework, the relationship betweenexternal stakeholders and value from project outcome was argued for.Internal stakeholders and the relationship with value from projectmanagement deployment were also argued for. Hence, a Value frameworkthat can be used to determine what value needs to be generated forinternal and external stakeholders is proposed. Future research isdiscussed including the need to further develop this value frameworkto identify different internal and external stakeholder value acrossproject life cycle and product life cycle.