From waste to worth: Stakeholders’ sensemaking of value in circular projects

Project value is increasingly recognized as a subjective and dynamic phenomenon. However, the role of project actors in interpreting value remains underexplored in project management literature. This paper investigates actors’ subjective interpretation of definitions of value in the uncertain context of circular projects. Through three Dutch case studies and one co-creation workshop, we adopt a micro-level actor sensemaking approach to reveal that value is shaped by individual beliefs and expectations. We identify two aggregate dimensions of value types: value-as-beliefs (personal, moral, symbolic) and value-as-outcomes (instrumental, economic, environmental). Our findings demonstrate that tensions between belief- and outcome-driven logic (e.g. moral versus cost), and between long- and short-term perspectives, influence actors’ engagement and project dynamics. This study contributes to project value literature by showing that actor sensemaking is crucial for understanding value in circular projects. Additionally, it broadens value discourse within circular economy literature, highlighting values beyond the Triple Bottom Line (TBL), offering insights into how project management and actor sensemaking can help address barriers.