How do I determine if a teacher is really good and how do I know what I should be learning so that I do not waste my time? I would like to follow some sort of standardized method so that there is no questions as to what I need to be doing so that I may one day become a great Pianist.
I think you start off by limiting yourself unnecessarily.
1) Any teacher who says he/she can make a "great pianist" out of you is lying. Much will depend on you, not on him/her.
2) On the one hand, you want a standardized method, but on the other hand, you want to become a "great pianist". Those two conceptions contradict each other.
3) Becoming a "great pianist" is everybody's dream, but few achieve that goal, even if they have the best teacher they could wish for. Set yourself some more realistic goals and just see what happens.
Finding a teacher who is formally good (diploma's, recognized by Teacher's Associations, etc.) is not that difficult, but it's still like in the lottery: how can WE know in advance how YOUR interpersonal relationship with that teacher is going to be? A teacher whose students win local competitions *could* also be a parameter, but it could just as well be the wrong choice for you.
Paul