The goal of this paper is to present a competence assessment method in project management that is based on participants' performance and value creation. It seeks to close an existing gap in competence assessment in higher education. The proposed method relies on information and communication technology (ICT) tools and combines Project Management Information System (PMIS) tools with a survey system. This permits it to be implemented in an Internet‐based simulation game. The system enforces the assessment of individual competences by a set of performance indicators and value stream analyses. A specific case study is presented as a way to validate the principles on which the proposed method is based. It has been proven to be helpful in a complex learning environment that involves two different universities and levels of degrees (undergraduate and master). When the method has been implemented, it is possible to collect detailed information regarding competence at a process for each participant. This increases the transparency of the work carried out, as well as enabling the specific design of educational programs for specific competence learning paths. Based on the experience that has been acquired, a specific recommendation is made concerning the feedback value provided for practitioners, students and teachers.