Value Co-Creation Approach to Management of Construction Project Stakeholders

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.