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Benchmarking and Performance Management

Author

Listed:
  • Adrian TANTAU

    () (The Bucharest Academy of Economic Studies, Romania)

  • Laurentiu FRATILA

    () (The Bucharest Academy of Economic Studies, Romania)

  • Cosmin GRIGORE

    () (The Bucharest Academy of Economic Studies, Romania)

Abstract

The relevance of the chosen topic is explained by the meaning of the firm efficiency concept - the firm efficiency means the revealed performance (how well the firm performs in the actual market environment) given the basic characteristics of the firms and their markets that are expected to drive their profitability (firm size, market power etc.). This complex and relative performance could be due to such things as product innovation, management quality, work organization, some other factors can be a cause even if they are not directly observed by the researcher. The critical need for the management individuals/group to continuously improve their firm/company’s efficiency and effectiveness, the need for the managers to know which are the success factors and the competitiveness determinants determine consequently, what performance measures are most critical in determining their firm’s overall success. Benchmarking, when done properly, can accurately identify both successful companies and the underlying reasons for their success. Innovation and benchmarking firm level performance are critical interdependent activities. Firm level variables, used to infer performance, are often interdependent due to operational reasons. Hence, the managers need to take the dependencies among these variables into account when forecasting and benchmarking performance. This paper studies firm level performance using financial ratio and other type of profitability measures. It uses econometric models to describe and then propose a method to forecast and benchmark performance.

Suggested Citation

  • Adrian TANTAU & Laurentiu FRATILA & Cosmin GRIGORE, 2010. "Benchmarking and Performance Management," Economia. Seria Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(2), pages 504-511, December.
  • Handle: RePEc:rom:econmn:v:13:y:2010:i:2:p:504-511
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    More about this item

    Keywords

    benchmarking; competitiveness; innovation; indicators.;

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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