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Innovative Approaches And Their Application In Measuring Business Performance

Author

Listed:
  • Jarmila Horváthová

    (Faculty of Management, University of Prešov in Prešov)

  • Martina Mokrišová

    (Faculty of Management, University of Prešov in Prešov)

Abstract

In the area of business performance evaluation, we should pay attention to innovative approaches to performance measurement. They include the application of a matrix model. This concept was initially used for addressing the efficiency of input and output transformations. However, the terms ‘efficiency’ and ‘performance’ are closely linked. Some authors even assign them the same meaning. Based on the above-mentioned, a linear programming model for addressing the problems of input and output transformations can also be applied for business performance measurement. The benefit of this paper is the measurement of business performance applying a matrix model. One of the significant outcomes of such matrix model is the formation of new indicators, which can be beneficial in business performance measurement. Another positive aspect of this approach is the creation of a network of indicators assessing business efficiency, effectiveness and performance. There are strong links between indicators in a network, which can be mathematically described. Based on the knowledge, the management of a business can focus on those functional areas, which are preconditioned for business performance and efficiency improvement.

Suggested Citation

  • Jarmila Horváthová & Martina Mokrišová, 2017. "Innovative Approaches And Their Application In Measuring Business Performance," CBU International Conference Proceedings, ISE Research Institute, vol. 5(0), pages 178-183, September.
    • Handle: RePEc:aad:iseicj:v:5:y:2017:i:0:p:178-183
    DOI: 10.12955/cbup.v5.921
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    Keywords

    businessefficiency; indicator; input; matrix; model; output; performance;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • D59 - Microeconomics - - General Equilibrium and Disequilibrium - - - Other
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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