Performance Evaluation of Public-Private Partnership Projects from the Perspective of Efficiency, Economic, Effectiveness, and Equity: A Study of Residential Renovation Projects in China

The performance evaluation index system was established on the basis of 4E (Efficiency, Economic, Effectiveness, Equity) theory to improve performance evaluation of Public-Private Partnership Projects for Residential Renovation (4P2R). Moreover, the index weighting model was demonstrated based on Ordered Weighted Averaging (OWA). Finally, the cloud model was used for performance evaluation, through the cloud uncertainty reasoning to determine the quantitative performance evaluation index value, the positive reverse cloud to calculate the qualitative performance evaluation index value, and the normal cloud to measure the project performance. The proof-of-concept application shows that the performance evaluation index system and evaluation model can better identify the deficiencies in the project, and provide targeted improvement measures for similar projects in the future.