The paper approaches the problem of analyzing complex industrial bodies like the clusters of enterprises in order to evaluate their performances. The analysis is based on a formal model of a cluster of SMEs, represented in terms of its structure, its organization and its interactions with the outside.The paper aims at giving a comprehensive presentation of the evaluation approach to network organization developed in the EU-funded Coordination Action CODESNET (COllaborative DEmand & Supply Network), as well as of the “analysis road map” developed on the SME network model itself. A case study derived by an Italian industrial district is used to validate the proposed analysis approach.