Abstract

The aim of this technologically oriented study was to develop an evaluation method for post-completion audits of investment projects in paper production lines. The development work was based on the constructive research approach. The objectives of the method were practical applicability, a comprehensive framework, and measures of project performance.

The evaluation method developed here is based on an adapted Malcolm Baldrige self-assessment framework, which has been embedded with three evaluation perspectives: project Targets (T), Risk management (R), and company Strategy (S). The compositions of these perspectives i.e. TRS perspectives, serve as the fundamental basis for a value added project. The evaluation criteria have been designed to fulfil the requirements of the paper industry and demanding projects. Scoring guidelines are used as a basis for evaluation results. Furthermore, supportive evaluation tools were developed to improve the accuracy and comparability of evaluation results. Evaluation is conducted by a group which consists of qualified tutors, project experts and facilitators. The latter are used especially to increase objectivity.

The method was tested with two cases studies which were applied in a greenfield paper machine project. The first case study focused on technology choices. The second case study was a full-scale study of the whole project scope. The evaluation results were relatively accurate, and feedback results were particularly positive.

Usage of the TRS perspectives can produce information which benefits decision-making. The method is capable of measuring both technical facts and subjective opinions. Moreover, the method is applicable in practice and can improve the investment process in general.