Studies focused on assessing the role of BIM on stakeholder management are limited and scarce [10]. BIM’s impact on stakeholder management revolves around improving communication, collaboration, information availability, coordination, engagement, and decision-making [16]. The ability of BIM models to reduce the differences between designers and manufacturers [17] in the generated final models shows the improved level of engagement it can bring. In addition, the clash detection feature of BIM [10], intertwined with its improved design visualization [18], provides a collaborative platform for numerous stakeholders [19], leading to their efficient engagement. This engagement is further supplemented by the improved levels of collaboration between the stakeholders through the availability of a common data environment (CDEs) [20], which allows them to update the models and information in real time and identify and rectify any clashes. BIM models can also save and share the project data seamlessly within the stakeholder group [21], leading to better relaying of important information among the stakeholders, thereby reducing conflicts between them. This leads to increased efficiency in various project stages, leading to overall cost reduction [22]. Looking at the advantages of BIM holistically, it can be used as a tool to improve the efficiency of the overall construction process by having implications on the time and cost of the project.

The construction industry’s main focus has been shifted towards improving performance by following the route of continuous improvement for increasing project and business efficiency [23]. Performance indicators are commonly used in construction projects to assess and provide an outlook on the process and project performance via a benchmarking approach [24]. The continuous evaluation of the process performance requires that the traditional measurement indicators be broadened to assess the subprocess in megaprojects, which are pursued with a wider economic, social, and environmental aspiration [25]. This idea led to the diversification of the measurement indices by including the measures of environmental impacts, safety, asset functioning, innovation, stakeholder satisfaction, etc., with the existing productivity and profitability parameters [26,27]. The involvement of stakeholders in fulfilling these performance measures stresses monitoring individual project processes with an eye on efficient stakeholder management.

Based on this, the operation and maintenance costs [28] and monitoring additional budget incurred due to any rework during the execution [8] can be used to evaluate the project’s cost efficiency, an indicator of profitability and productivity. Information about the asset function is important as the downtime of the project asset impacts the service, which creates a dent in the project’s profitability [29], an indicator of economic performance that reflects stakeholder collaboration [30] and satisfaction. The downtime of the service shows the efficiency of communication between the stakeholders as it reflects the rate of information flow between the operation and maintenance teams about the asset status [31]. Furthermore, the amount of rework during the execution reflects the increase in the project budget and provides insight into the collaboration of stakeholders during the project’s design [32]. Similarly, the time required to get the requisite approvals [33] from competent authorities, the total time incurred on the project’s design [34], and the reduction in the amount of rework used as an evaluative mechanism to judge the adequacy and efficiency of engaging and collaborating with the project stakeholder [35].

Although the above indicators tend to measure the needs and expectations of stakeholders concerning the economic aspect, quantifying measures for the evaluation of environmental and social aspects is also important, indicating stakeholder satisfaction. For instance, the environmental impacts of the project can be judged by waste generation [36], carbon dioxide emissions [27], and the designs of the project [37] as the sub-parameters, which are reflective of the satisfaction of internal and, importantly, the external project stakeholders. Similarly, safety is an important consideration among the project stakeholders (both internal and external). It can be measured by accident and fatality rates at the project site [38].