Although the quality of a process affects the quality of the end product, there is currently an insignificant amount of knowledge about the quality of project management (PM) processes that directly affect the quality of the delivered product (constructed building). This study presents a proposal for modeling the impact of the quality of the PM process on the quality of the constructed building. The quality of the PM process is represented by the main quality factors and product quality indicators. It presents the results of the interviews that were conducted and study cases that were analyzed in Bosnia and Herzegovina with a variety of project participants (with different managerial perspectives) in terms of the indicators of quality of the delivered product. All participants, regardless of managerial perspective, believe that the most important indicator of the quality of products for each phase of the project is “customer satisfaction in the end phase”, the measurement of which is different for each project phase that is presented. The results of the factor analysis of the definition and the planning phases show that 11 variables, namely, the quality factors of the PM process, can be grouped into three new factors, which is described as 66.61% (77.046%) of the basic set of variables.