Traditional Space Project Planning No Longer Works: A New Value-Based Theoretical Perspective

Traditionally, stakeholders have considered space projects a means to deliver specific outputs against a predefined mission scope. This is the so-called "outcome-based perspective" of which "landing the first man on the Moon" is an exemplary case. However, this conceptualisation is outdated and inadequate in the context of the New Space Economy; the outcome-based perspective cannot describe the value that can be created and captured by the plethora of stakeholders in the New Space Economy ecosystem. We propose a more modern and better-suited perspective, i.e., the "value-based perspective", able to describe the value for stakeholders and justify the merits of next-generation space projects. Our new conceptualisation is based on 40 interviews with managers developing traditional and new space economy projects and an inductive theory-building approach that resonates with the mainstream literature on complex project value and value theory. We provide a conceptual framework to understand the differences between the outcome-based and the value-based perspectives in planning and managing complex projects, highlighting the key dimensions of knowledge, product, value, stakeholder, governance, and delivery model. We provide a guide for decision-makers planning next-generation space projects. The guide is based on 5 key items to foster fruitful discussion about project value creation in the planning phase. They are: 1) "from project outcome to project value", 2) "from single project phase to project lifecycle", 3) "from economic value to social and environmental value", 4) "from primary project stakeholders to actors ecosystem", 5) "from close project governance to open project governance". This research extends the body of knowledge regarding new space project planning and development. It offers practical insights to decision-makers in the industry and agency to develop space projects that generate value in the long run for many stakeholders.