Integrating value management, benefits realisation and stakeholders in projects: a dynamic and feedback-driven conceptual model

Purpose This paper aims to develop a conceptual model of value management, benefits realisation and stakeholders in project environments. Design/methodology/approach A systematic literature review was conducted, encompassing the stages of identification, screening, eligibility assessment and final inclusion of articles. The databases Web of Science and Scopus were employed as sources, and the Rayyan platform was used to support the screening process. In total, 194 articles were analysed. Findings The results reveal significant conceptual ambiguity between value and benefits, as well as fragmented treatment of stakeholder roles. The analysis identifies recurring patterns of interdependence between value definition, benefits realisation and stakeholder perceptions, while also highlighting the influence of governance mechanisms and contextual factors. Based on these findings, the study proposes a dynamic and feedback-driven conceptual model that integrates these constructs and introduces theoretical propositions. Practical implications The model offers guidance for aligning stakeholder expectations, structuring benefit ownership and implementing feedback mechanisms to improve decision-making on value management and benefit realisation in a stakeholders-centred perspective across the project lifecycle. Originality/value This study advances the literature by proposing an integrative conceptual model that brings together value, benefits realisation and stakeholder management within a single dynamic framework. The model contributes by positioning stakeholders as dynamic mediators of value and benefits, incorporating governance mechanisms and continuous feedback loops and explaining how alignment between stakeholder expectations, value definition and benefits realisation evolves throughout the project lifecycle.