Value creation is a key aspect of project management and emerges from the benefits derived from the project deliverable in the long term. However, value has different meanings depending on the stakeholder considered. This aspect challenges managers when integrating value management into business practices. The origins of value perception differences among senior management, project manager, project teams and end-users are investigated, revealing how mental models impact these views. The mental model’s theory explores how individuals’ internal representations shape their understanding of the external world.
A series of multivariate statistical techniques was applied to a sample of 183 respondents. A multidimensional scale of project success was adopted as a proxy to evaluate how different stakeholders perceive the value created by the project's deliverable.
This study confirmed that different groups of stakeholders perceive the value of a project in a distinct way, depending on their position in the project. Short-term value perceptions align but diverge 12 months after project completion. We also found that project end-users perceive greater value than other stakeholders. Mental models shape stakeholders’ differing value perceptions, influenced by cognition and context. A theoretical framework to manage different perceptions of value in project management is proposed aiming to help project managers balance diverse value expectations and prioritize stakeholder benefits, accounting for changing value perceptions.
This study’s main contribution lies in applying mental models theory to explain why stakeholders perceive project value differently over time. By linking individual cognition to project value realization, the research offers a novel framework that highlights how stakeholders’ internal representations shape their evaluation of project outcomes. It also suggests that shared mental models, especially in agile environments, can reduce value perception gaps and foster alignment among stakeholder groups, considering senior management, project manager, project core team, to project end-users.
