Evaluation and analysis of a project are essential processes; they help project managers determine if a project was a success or failure, and how to improve subsequent projects through the areas of pains and gains noted in the evaluated projects. This study assessed the effect of project evaluation and analysis on project success using UGI Technologies in Lagos, Nigeria. The study hypothesized that budget and Budgetary Control (BC) do not affect the specification of projects and that the socio-economic effect of projects does not affect clients or Customer Satisfaction (CS). This study adopted a survey research design and the simple random sampling technique. 108 staff of UGI Technologies, Lagos, Nigeria, currently working in the firm as project managers, product owners, procurement officers and developers formed the population for the study. Taro Yamane was used to reduce the population to a manageable sample size of 85, data was collected using a structured questionnaire. 85 copies of questionnaires were given out to respondents and 85 were returned, indicating a 100% response rate. Descriptive and inferential statistical analysis using IBM SPSS was done on the data obtained from the research instrument. The findings revealed that there were significant relationships between budget and BC and project specification (R = 0.120; P<0.05), and the socio-economic effects of projects and customers' satisfaction (R = 0.556; P<0.05). Therefore, findings show that project analysis and evaluation are key to the success of projects and should be observed throughout the project lifecycle.