Prior project management research has identified a wide variety of measures that describe the outcomes of a project and the input
characteristics that impact outcomes. In practice however, project schedules are still used as the sole project performance measure in
some firms. Although the use of project schedules is still a good practice for some companies, for other companies the use of project
schedules as the sole project performance measure can result in industrial projects falling behind schedule and coming in over-budget.
In order to examine how the evaluation of project performance can be improved, a two-step approach is documented that was used to
design a new project performance evaluation system at Honeywell Federal Manufacturing & Technologies (FM&T) that would enable
managers to audit a project and determine where improvements could be made. Lessons learned from the development of a project performance
evaluation system at Honeywell Federal Manufacturing & Technologies are then discussed.
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