Abstract

Prior literature recognizes two schools of thought on value creation in projects: one based on transaction cost economics and the other on relational-based theories. There is little empirical research on the impacts of these approaches within different project contexts. This study aims at analyzing the effect of value creation processes on the project value moderated by requirements uncertainty and project complexity, two critical contextual variables. We used a cross-sectional survey to collect data from 168 project managers in Chile. Three groups were distinguished from a cluster analysis considering the requirements uncertainty and project complexity. A proposed conceptual framework is validated globally and for each group through a multigroup analysis via partial least squares structural equation modeling (PLS-SEM). The global model results indicate an R-2 of 0.37, and for the groups, the R-2 ranges from 0.33 to 0.85, and the path coefficients range from 0.57 to 0.92. Additionally, the PLS-SEM multigroup analysis shows significant statistical differences. Group 3 (low complexity and low uncertainty) is different from Group 1 (high complexity and high uncertainty) and Group 2 (high complexity and low uncertainty), with p values of 0.027 and 0.023, respectively. Therefore, these empirical findings contribute to the literature demonstrating that value creation processes impact the project value. In particular, these effects are moderated by the current level of project requirements uncertainty and complexity in different contexts.