Purpose – The Project Management body of studies has represented a catalyst of research, contributing to the development of effective theories and models, enabling to manage project’s results achievement. From another point of view, instead, it appears necessary, and still lacking, an higher attention towards theories and models that support the management of stakeholders’ value achievement. Of a fundamental importance in order to support the management of a program/project with the aim of value matching, is evaluation activity. A variety of evaluation approaches and models exist. Existent literature suggests that no one approach is best for all situations. Rather, the best approach varies according to many different factors. This paper collects, classifies and compares several project/program evaluation models, addressing insights on the selection of the proper evaluation model. Design/methodology/approach – Through a literature review several models addressing a program or project evaluation have been selected. They have been analysed in terms of characteristics, approach (qualitative vs. quantitative), field of application, pros and cons. A summative critical analysis compares the models and suggests implementation insights, depending on the evaluation scope and/or project’s field. Originality/value – The research contributes in the defining of a holistic framework of project/program evaluation models, that overcomes existent limitations: overall collection and comparison of evaluation models, critical analysis for an effective selection of the model. Practical implications – Evaluation of results and impacts of programs and projects is even more fundamental in turbulent and high competitive environments. The assessment and selection of the evaluation model is a crucial activity for many different purpose: finance of a project, assessment of a project’s efficacy, improvement of a program’s performance. Any project’s/program’s stakeholder should consider evaluation models characteristics, as a rationale for an effective and efficient evaluation process.
