The concept of project success is a heavily researched topic within the field of project management, typically viewed through two contrasting lenses: efficiency and value. This chapter aims to illuminate the functioning of these perspectives within collaborative R&D projects, where outcomes are inherently unpredictable and hinge on complex partner interactions. This chapter seeks to unravel the interplay between equivocality and governance, including the moderating effects of participants’ learning capabilities and their impact on project success, measured by either efficiency or value. Consequently, a conceptual framework grounded in the complex adaptive system model is outlined. Through a multiple-case analysis of collaborative R&D projects, an inductive grounded theory approach is used to gain a deeper understanding of the four cases. Empirical data was gathered through open-ended interviews and archival data. The proposed framework delineates the findings of this chapter, enhancing comprehension of collaborative R&D projects by modeling the interactions of governance, equivocality, and organizational learning as a complex adaptive system. From an academic perspective, this framework offers additional insights into the planning and control functions within collaborative R&D projects. For practitioners, it provides a deeper understanding of management practices and their implications for success, emphasizing the nonlinear interactions among the three constructs.