A Method for Project Performance Evaluation by combining the Project Golden Triangle, BSC, AHP, and TOPSIS

There are several critical measures in the project performance evaluation such as time, cost, and quality. In this paper, a new method for project performance evaluation is presented by combining the project Golden Triangle and the methods in decision science. At first, strategies and measures are introduced for the perspectives of the Balanced Scorecard (BSC) method according to their effect on time, cost, and quality. Next, the Analytic Hierarchy Process (AHP) method is used to weigh the measures by the judgments of experts after integrating AHP and BSC. Then, the weights of the five project phases — from the initiation to the closure — are calculated by the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). Our proposed TOPSIS is not only able to involve the judgments of experts, but also, in combination with AHP, can provide a comprehensive performance evaluation method for a project. Finally, using the judgments of experts of a real project-based organization, computational results show that financial measures are more important than other measures and the planning phase is the most important phase of the project. By the proposed method, a project-based organization can evaluate its performance and determine its competitiveness.