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 longterm 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.