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The growth of communication technology in the last decade has prompted researchers to develop web based learning systems for various types of applications. The entities involved in the development of such systems are learners, instructors, system designers, administrators to name a few. With varying nature of applications and entities involved, the task of evaluating these web based learning systems appears quite challenging. The present study uses factor analysis to develop an assessment model for evaluating the web based learning systems developed by the authors. The analysis is performed on a data set derived by applying a survey instrument on a set of 140 learners using these systems. These learners ranked 20 items used for evaluation in order of their perceived degree of importance. It was found that the most important dimension was learning outcome which coincides with the general outcome of any mode of learning.