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Using Value Efficiency Analysis to Benchmark Nonhomogeneous Units

Author

Listed:
  • Merja Halme

    (Aalto University, School of Economics, Department of Information and Service Economy, P. O. Box 21220, 00076 Aalto, Helsinki, Finland)

  • Pekka J Korhonen

    (Aalto University, School of Economics, Department of Information and Service Economy, P. O. Box 21220, 00076 Aalto, Helsinki, Finland)

Abstract

We consider the problem of evaluating the performance of a set of heterogeneous units. The heterogeneity may originate from environmental conditions or the unit itself. We propose a comparison of the units with benchmark units that perform well and represent various types of heterogeneity. The benchmark units are specified by a decision maker and used as alternative most preferred units in the value efficiency analysis. Each unit is associated with the best benchmark unit, in the spirit of the data envelopment analysis. The approach simultaneously takes into account preference information and the heterogeneity of units. We developed the approach to provide a framework for quantitative performance comparison for the Helsinki parishes. The parishes have heterogeneous structures and operate in various environments leading to different emphases of outputs. The special feature of the approach is that it is does not require the characterization of the heterogeneity by quantitative measures.

Suggested Citation

  • Merja Halme & Pekka J Korhonen, 2015. "Using Value Efficiency Analysis to Benchmark Nonhomogeneous Units," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 14(04), pages 727-745.
    • Handle: RePEc:wsi:ijitdm:v:14:y:2015:i:04:n:s0219622014500916
    DOI: 10.1142/S0219622014500916
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    Citations

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    Cited by:

    1. Panagiotis Ravanos & Giannis Karagiannis, 2022. "In search for the most preferred solution in value efficiency analysis," Journal of Productivity Analysis, Springer, vol. 58(2), pages 203-220, December.
    2. Panagiotis Ravanos & Giannis Karagiannis, 2022. "In search for the Most Preferred Solution in Value Efficiency Analysis," Discussion Paper Series 2022_05, Department of Economics, University of Macedonia, revised Jul 2022.
    3. Panagiotis Ravanos & Giannis Karagiannis, 2021. "A VEA Benefit-of-the-Doubt Model for the HDI," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(1), pages 27-46, May.
    4. Gerami, Javad & Mozaffari, Mohammad Reza & Wanke, Peter F. & Correa, Henrique L., 2022. "Improving information reliability of non-radial value efficiency analysis: An additive slacks based measure approach," European Journal of Operational Research, Elsevier, vol. 298(3), pages 967-978.

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