Although construction productivity has received a great deal of attention from construction practitioners and researchers, few research efforts have specifically evaluated productivity in the context of the productivity management cycle. Consequently, there is still a lack of useful indicators for determining which items should be prioritized and improved upon in order to yield the highest benefits from productivity management. In an effort to address this issue, this study proposes the Productivity Achievement Ratio PAR), which is a productivity evaluation indicator that will assist in the selection of the most appropriate management items for construction productivity enhancement. Using a multiple linear regression analysis, the process for calculating the PAR is developed, and the applicability of the proposed indicator is verified through a case study of steel erection work. The results of this study indicate that the PAR can aid construction practitioners in achieving more balanced and effective productivity management, even when management resources are limited