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Abstract
1. Introduction
2. Through-life value creation
3. Competing paradigms in value management
4. Beyond the paradigm wars
5. Value creation: in search of a theory
6. Towards a narrative perspective
7. Conclusions
References
Abstract
It is contended that value is a social construct, and that the processes of social construction are rooted in language. On this basis we argue that value creation is a process which lends itself to interpretation from a narrative perspective. Previous attempts at value creation have been promoted under the label of ‘value management’. There are two approaches which are identifiable in the literature. The first is based on the traditional narrative of value engineering (aka Hard VM) and is primarily directed towards cost reduction. The second more recent variant is labelled ‘soft’ value management (Soft VM) and is primarily directed towards the achievement of a shared understanding of the value criteria relating to an individual project. The two approaches are critiqued in terms of their underlying assumptions and it is suggested that they are best understood as different forms of narrative. The emerging literature on value creation is similarly critiqued in accordance with the adopted narrative perspective. The distinction is made between formalised narratives of value on the level of the organisations involved in the project coalition and the anecdotal stories which individuals use to make sense of their own lived experiences. Emphasis is given to the ways in which different narratives interact, and to the way in which they remain contestable over time. Particular attention is given to the confluence between storytelling and identity work.
Introduction
There has in recent years been considerable debate about judging project success on the basis of value (APM, 2018; Chang et al. 2013; ICE, 2017; Laursen and Svejvig, 2016; Lepak et al. 2007). The recent emphasis on ‘value’ has in part emerged from the longstanding debate about how to assess project success. The debate has resulted in a significant shift in emphasis within the project community from ‘product creation’ to ‘value creation’ (Winter and Szczepanek, 2008). This shift is indicative of a broader quest to position project management evermore strategically. Martinsuo and Killen (2014) emphasise the importance of identifying and assessing strategic, noncommercial value in project portfolios. In seeking a route forward Laursen and Svejvig’s (2016) point towards the established sub-discipline of value management as a promising source of ideas for the project community. They especially highlight the contribution of Male et al. (2007) as having potential in offering an integrated approach which embraces value, benefits and costs.