Information Technology (IT) is the fastest growing technology in the world today. Investment on IT projects in all the sectors of the world economy has been on the increase in the past ten years. This paper proposes 50 performance indices of IT projects and a tool for evaluating them. Some popular IT projects in Nigeria were surveyed by administering questionnaires and holding meetings with their principal actors. The performance indices were subjected to factor analysis by principal components using Statistical Package for Social Scientists (SPSS). Eleven factors were extracted and the percentage contribution of each factor to the success of IT projects was estimated. The total sum of the percentage contributions of all the factors was found to be less than 100. This revealed that there were some extraneous factors whose related performance indices were not considered in the administered questionnaire which were liable to play a significant role in the success of IT projects. Moreover, a factor scores coefficient matrix that can be used to estimate and rank the assessment of each Assessor of IT projects was generated.
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