How to evaluate NHL Draft team success

Over the past few weeks I have been analyzing the results of NHL Entry Draft since 2005.  Over the coming weeks I will be trying to answer the following macro-level questions:

1. What is the best way to evaluate a team’s drafting success factoring in when they have picked and how many draft picks they have selected?
2. Which teams have been the most successful at drafting since 2005?
3. What is a draft pick worth when trading to move up or down?

In order to answer these questions, there is some basic groundwork that needs to be covered to understand the norms or benchmarks of player success during that time.  As a result I will start by providing some general draft insights to help understand the sliding scale of outcomes that can be seen at various stages in the draft.  To start here are some foundational questions which will be answered:

1. What percent of drafted players make it to the NHL by draft round?
2. How many of the players who make it to the NHL turn out to be ‘quality’ players?
3. What are all the various perspectives in which to evaluate a team’s draft success?
4. Why does a team’s draft success not directly correlate to on-ice success? i.e. which non-draft factors

Hopefully the data and analysis I provide will show fans a more balanced perspective on where their expectations should be set for the draft and their current prospects.