Stakeholder dynamics and their impact on value creation for industrial maintenance projects-a literature review

Abstract

This paper analyses research developments in the dynamics of stakeholders and their impact mechanisms on the creation of value through a literature review. Three databases, Scopus, Science Direct and Google Scholar are selected to search articles. This study employs a quantitative descriptive analysis and a qualitative thematic analysis to provide a perspective of the data. The findings of the review reveal that stakeholder dynamics management is embedded in project environments and that the dynamic nature of the stakeholder salience attributes can be classified under stakeholder influence and engagement, project lifecycle and dynamics, value creation and framing, and project and stakeholder-associated risk. However, from the characterisation and the drivers of stakeholder dynamics discussed in the literature, the perspective of project risk dynamics has been understudied, with a focus mainly on stakeholder-associated risk to the project, and less on project risk and the stakeholder interactions related to potential losses or gains by stakeholders from such project decisions and activities. Although there is a recognition of the importance of managing stakeholder dynamics within project environments, the factors that affect stakeholder dynamics and their impact on the creation of value for industrial maintenance projects are still unclear. The outcome of the literature review can assist in providing the foundation for the authors’ empirical work of developing a novel conceptual framework for analysing stakeholder dynamics and their impact on maximising value creation in the context of industrial maintenance projects.