A Method for the Evaluation of Project Management Efficiency in the Case of Industrial Projects Execution

In the present paper a method is proposed for the evaluation of project management success in the case of industrial projects with primarily economic objectives. In order to achieve this, the project management efficiency is initially defined. The definition relation is further developed combining the objectives of completion time, cost and other success criteria concerning the operation and maintenance of the unit. After the final formulation, a parametric study is carried out in order to check the effect of the different parameters appearing in the relations and also suggest the way that these relations can be used. The proposed method can be applied after the completion of a project where the actual total cost and completion time are known. Furthermore, since the operation parameters of the constructed industrial unit can be easily measured, the future earnings can be easily predicted, provided that the market conditions coincide with the initially expected ones. Introducing these data to the proposed relations, the project management efficiency factor can be calculated. The concept of total project management efficiency can reveal the real importance of delay or increase of cost, or any other success criteria which can be included in the method and affect earnings.