The purpose of this paper is to develop a quantitative comprehensive model for construction project success evaluation, from the viewpoint of a contractor company.
In this paper, the authors used a comprehensive definition of project success consisting of two components: Product success, which deals with the effect of the project's final product; and Project Management success, which focuses upon the project process. The research methodology includes five steps: identification of the critical performance indices for the two above mentioned components; quantification of the performance indices; normalization of the indices; integration of the various performance indices to develop an overall project performance function; and applying the model on a real project in Iran and analyzing the results.
This paper introduces a novel model to evaluate and measure the construction project success from the viewpoint of a contractor company. The results show that this model can be used as a reliable tool to measure the project performance of contractors and their points of strength and weakness can be determined precisely.
Analyzing the results of the case study shows that the evaluation model is absolutely applicable. All necessary elements to quantify the critical performance indices and overall project success can be recorded precisely and easily. Thus, this model can be used in every contractor company concerned about its projects’ performance.
The evaluation model proposed in this paper is a unique and comprehensive quantified model which considers difference between project success and project management success and all critical indices which can affect them.
