Employing simulation to assess value alignment and fulfillment within construction project settings and team dynamics

Abstract

Value-based management has been gaining momentum in the Project Management field. Effectively managing value, and any competing objectives, is in fact crucial for achieving successful projects. To do so, project settings and team interactions need to be investigated as they have a major influence on delivering value and aligning stakeholders' perceptions. Therefore, the aim of this study is to explore the impact of project settings and team-related factors on value fulfillment. By doing so, it seeks to develop a tool that assists managers in implementing effective strategies for managing value on their projects. Accordingly, an agent-based simulation model was developed to model the interactions between teams and their effect on emergent behavior with respect to value adoption. By inputting relevant data and configuring different parameters, results from the applied case study demonstrated that the simulation tool is capable of providing valuable insights on value fulfillment levels. Findings revealed that fulfilling the various value propositions differs significantly, contingent upon diverse factors within the team and based on the clarity of the proposition itself. Results also highlighted that projects may experience fluctuations, exposing misalignment, particularly when there is an ongoing clarification of value attributes.