The paper presents a conceptual framework for studying Governance of Projects and issues of value in the project-based organisation. Attempts at exploring and conceptualising the issues in the current literature are reviewed. Issues pertinent to gaining value by Governance of Projects have mainly been explored from the perspective of economic theory. Models found in the literature are not typically concerned with value for the implementing organisation as a whole; their scope is limited to the time just after project completion. No valid, empirically-based models of value creation by Governance of Projects have emerged. No real integration of project operations and results with line management activities has been attempted. Nevertheless, the literature reviewed has provided important insights into the interplay of structures and functions of Governance of Projects and value. There is a need for a better understanding of Governance of Projects and value contribution. The findings presented here form the conceptual foundation for subsequent empirical studies of value by Governance of Projects.
Irnop 2013: “innovative Approaches in Project Management Research”, 2013