Project systematical evaluation is actually the important and necessary tool for the project-driven company to continuously improve their project performance and efficiency. This study tried to improve the project excellence model (known as PE model) by means of clarifying and excluding the complex methodologies and means that were prone to cause misunderstanding in the evaluation process, and proposed the simplified model with more rational and transparent means to systematically evaluate the projects, and applied such an improved model to evaluate project processes and performance and gain and loss for project stakeholders. The improved model has proposed more consistent evaluating criteria that are more practical in evaluation activities of project knowledge management for project-driven companies.