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1. Introduction
Currently, projects are managed by companies on a daily basis and their implementation requires deploying varied methods for their successful completion. To improve efficiency in managing projects, companies must implement adequate methods, techniques and tools. The staff are trained in project management and career paths are developed. Specialised software is required. Company structures need suitable modifications to support project execution.
The above-mentioned activities are related to increasing the level of project management maturity (PMM), a term introduced in the 1990s ([41] Kerzner, 2001) and is discussed more broadly in the literature review section. At this point, we would like to underline that, regardless of the type of maturity level assessment model used, an increase of one level up always entails some type of investment. The investment can be different in nature (time, money and resources), value and scope. However, for the purpose of this paper, we assume that it leads to an increase in the level of project management maturity. For example, [38] Jiang et al. (2004, p. 208) noticed that the implementation of the capability maturity model (CMM) "requires a considerable amount of time and effort" and that moving one level up involves significant time.
Therefore, the following question arises: does spending money on staff development, implementation of new methods and structures and knowledge management issues in the field of project management really pay off?
We are aware that the issue is very complex in its research nature. [73] Thomas and Mullaly (2008, p. 1) state: "Although the holy grail of demonstrable project management value is often discussed and even proclaimed in consulting and practitioner literature, the actual value resulting from investments in project management has been hard to define - let alone measure. Few rigorous studies have been undertaken and those that exist struggle to provide indisputable and strong evidence". Despite the time that has elapsed since its writing, the aforementioned statement remains vital. Literature study does not throw up any significant work to bridge the quantitative gap on this topic since 2008.
A few of the most recent studies were qualitative and based on case studies only ([17] Chang et al. , 2013; [43] Larson et al. , 2013; [62] Robichaud and Anantatmula, 2011), while, in our opinion, a...