Evaluating the Impact of Value Management Phases on Project Success in Construction Projects: An Empirical Study Using PLS-SEM and IPMA

The construction industry faces recurring challenges of cost overruns, schedule delays, and unsatisfactory quality outcomes. Value Management (VM) has emerged as an effective methodology to maximize value for money by systematically analyzing project functions and aligning them with client requirements. This study aims to evaluate the impact of VM Implementation described by seven phases (Pre-workshop, Information, Function, Creativity, Evaluation, Development & Presentation, and Post-workshop Implementation) on Project Success represented by five reflective dimensions (Time, Scope, Quality, Cost, Risk) through an empirical approach. A mixed-method research design was adopted, combining a structured questionnaire with advanced statistical analyses including Partial Least Squares Structural Equation Modeling (PLS-SEM) and Importance-Performance Matrix Analysis (IPMA). Valid responses were collected from 303 construction professionals, including consultants, contractors, and project owners. The results show that all seven VM phases significantly contribute to the latent construct VM implementation, The results show that VM phases explain 60% of the variance in Project Success, with a strong direct positive effect (β = 0.781, p < 0.001). Among VM phases, the Information Phase was identified as the most influential factor, followed by Function Analysis and Creative phases. The study contributes to both academia and practice by providing empirical evidence on the role of VM in enhancing project outcomes. Recommendations are provided for integrating VM from early project stages and conducting structured workshops to optimize project performance.