Heredia-Rojas, B; Liu, L and Taborda, L (2015) Relational approach of value creation for construction project delivery: A conceptual framework. In: Raiden, A and Aboagye-Nimo, E (eds.) Proceedings of 31st Annual ARCOM Conference, 7-9 September 2015, Lincoln, UK.
Abstract
In the current global and competitive business environment, the delivery of construction projects is a recognized challenge. However, the separation of design-construction-operation responsibilities has been a significant source of issues, resulting in poor 'triple constraint' project performance and negatively impacting long-term benefits realization. Stakeholder theory proposes that organizations can create value by improving stakeholder relationships and a substantial body of literature on strategic and project management proposes that project delivery models (PDM) that recognize and value these relationships better support value creation (VC). In consequence, this study undertakes a systematic review of extant literature and drawing mainly from the stakeholder theory, examines how PDM support the VC process (independently or co-created) in construction projects and their contribution to the project value. This study identifies three fundamental VC drivers for selecting a suitable PDM: early involvement, integration, and contractual agreements. A conceptual VC framework is proposed based on different forms of client-contractor relationships. Four environments called transactional, coordinative, cooperative, and collaborative are recognizable, each with its own characteristics attributable to the degree of interaction and trust between parties necessary to maximize long-term value within construction projects. The framework developed serves as a platform for future knowledge development and research into VC theory in the construction industry.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | project delivery model; project value; relationships; value creation |
| Index terms: | integration, interaction, project performance, project management, value creation, project delivery, construction project delivery, construction project, benefits realization, competitive busines, platform, agreements, drawing, construction industry, systematic literature review, conceptual framework |
| Subjects: | theoretical framing, digital design, business management, value management, project delivery, economic development, project controls, technical documentation, organizational analysis, industry analysis, production management, behavioral psychology, project management theory and practice, research evaluation and metrics, contract formation |
| Topics: | Contract Administration, Sustainability, Organizational Design, Digital Applications, Project Management, Research Practice, Business Strategy, Procurement, Design Practice, Time Control |
| Descriptive scope: | 5 PCTEA |
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