Asiedu, R and Iddris, F (2022) Value co-creation approach to management of construction project stakeholders. Journal of Construction in Developing Countries, 27(1), pp. 1-23. ISSN 1823-6499
Abstract
This article explores the link between value co-creation, a project's success and satisfaction of the project's stakeholders. It also looks at how a project's success mediates the relationship between value co-creation and the stakeholder's satisfaction. A quantitative approach with an online questionnaire was used to collect data from a sample of 140 respondents in Ghana. Data were analysed using partial least square structural equation modelling (PLS-SEM). The results show that value co-creation positively and significantly relates to a project's success and stakeholder satisfaction. The findings also support that a project's success mediates the impact of value co-creation on the stakeholders' satisfaction. Based on these findings, we suggest that project managers be critical about the type of value co-creation strategy they will use to engage project stakeholders. This would apply when adopting the value co-creation approach to manage their projects while not sacrificing success. This study focused on the impact of value co-creation on a project's success and its stakeholder's satisfaction. The survey data were collected only to evaluate the overall effect of value-co-creation on the success and stakeholder's satisfaction of projects. The adoption and implementation of value co-creation in project management may enhance the definition of the project's scope, performance specifications and other criteria used to measure the success of a project, to meet the needs of stakeholders. By empirically presenting a project's success as a key mediator in shaping the effect of adopting value co-creation in project management on the stakeholder's satisfaction, this study laid a foundation for further theoretical explorations involving value co-creation in project management.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | value co-creation; specifications; mediator; project manager; project stakeholder; stakeholders; Ghana; structural equation modelling; questionnaire survey |
| Index terms: | structural equation modelling, strategy, survey, specification, partial least square, construction project, value co-creation, performance specification, exploration, questionnaire, project stakeholder, Ghana, mediator, satisfaction, project manager, implementation, co-creation, project management, stakeholder satisfaction |
| Subjects: | sociology, statistical analysis, management, tendering, Geography, contractual condition, production management, project management theory and practice, design process, environmental resource management, contractual arrangements, participation process, project delivery, profession, data collection methods, value management, dispute resolution |
| Topics: | Contract Administration, Design Practice, Legal Issues, Stakeholder Management, Roles and Professions, Procurement, Sustainability, Business Strategy, Project Management, Geographical Context, Research Practice |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here