{"id":10123,"date":"2018-11-20T10:00:17","date_gmt":"2018-11-20T08:00:17","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=10123"},"modified":"2018-12-13T13:57:27","modified_gmt":"2018-12-13T11:57:27","slug":"scientific-approaches-to-estimation-of-efficiency","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/scientific-approaches-to-estimation-of-efficiency\/","title":{"rendered":"Grynko Tetyana, Golovko D., Scientific approaches to estimation of efficiency of activity of business entities"},"content":{"rendered":"

[vc_row][vc_column width=”1\/2″][vc_column_text]JEL Classification<\/strong>: Q1.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]<\/p>\n

DOI<\/strong>:\u00a0https:\/\/doi.org\/10.31521\/modecon.V11(2018)-08<\/a><\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Grynko Tetyana<\/strong>, Doctor of Sciences in Economics, Professor, the Head of the Department of Economics, Entrepreneurship and Enterprise Management, Oles Honchar Dnipro National University, Dnipro, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-7882-4523<\/a>
\ne-mail:<\/strong> greisy25@gmail.com<\/a><\/p>\n

Golovko D.<\/strong>, student of the Department of Economics, Entrepreneurship and Enterprise management, Oles Honchar Dnipro National University, Dnipro, Ukraine<\/p>\n

e-mail<\/strong>:<\/strong> dashagolovko4@gmail.com<\/a><\/span><\/p>\n

Scientific approaches to estimation of efficiency of activity of business entities<\/h2>\n

Introduction<\/strong>. The development of a modern economic model requires from modern business entities systematic search of directions for increasing the efficiency of their activities on the basis of achievements of scientific and technological progress, effective forms of management and effective mechanisms for making managerial decisions.<\/p>\n

Purpose<\/strong>. The purpose of the article is to study the approaches to the definition and evaluation of the efficiency of business entities and develop an approach to the formation of a system of indicators for analyzing the efficiency of their activities.<\/p>\n

Results<\/strong>. The article systematizes scientific approaches to assessing the efficiency of business entities, the evolution of the criteria for assessing the efficiency of activities from the standpoint of the features of different types of management decision-making is researched. Various approaches to assessing the efficiency of business entities were analyzed and the degree of their compliance with the requirements of the world market was determined. The theoretical significance of the work lies in the generalization of existing approaches to assessing the efficiency of business entities, the substantiation of the mechanism of allocation of key performance indicators of the organization and their aggregation in the integrated performance indicator \u2013 the cost of the company. The article presents the analysis of different systems of evaluating the performance of firms; determines their advantages and disadvantages, which appear in their implementation at the enterprises in modern conditions of managing.<\/p>\n

Conclusion<\/strong>. The system of assessment of the efficiency of business entities\u2019 activities based on the integration of the system of the balanced indicators and a cost factor is offered.<\/p>\n

Keywords<\/strong>: entrepreneurship; business effectiveness; company value; the system of balanced indicators; profitability; “tree of goals”.<\/p>\n

References<\/strong><\/p>\n

    \n
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  6. Grin’ko, T. V. and Stolpova, K. V. (2013). \u201cThe justification of the strategy of reducing costs of the enterprise\u201d, Economic Bulletin of the Zaporizhzhya State Engineering Academy<\/em>, ZDIA, Zaporizhzhya, pp. 131-135.<\/li>\n
  7. Drucker, P. (2006), Praktyka menedzhmenta<\/em> [Management Practices], Williams, Moscow, Russia.<\/li>\n
  8. Levchenko, Yu. G. and Shekmar, N. A. (2011). \u201cMethodical approaches to determination of the efficiency of enterprise economic activity\u201d, Scientific herald of Uzhgorod university<\/em>, vol. 32, pp. 130-137.<\/li>\n
  9. Leikina, K. B. (1981). Materialomistkist i efektyvnist suspilnoho vyrobnytstva<\/em> [Material Consistency and Effectiveness of Public Production], Knowledge, Moscow, Russia.<\/li>\n
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  15. Cherep, A. V. and Strilets, E. M. (2013). \u201cEfficiency as an Economic Category\u201d, Effective Economics, no. 5, available at: http:\/\/www.economy.nayka.com.ua\/?op=1&z=1727 (Accessed 01 October 2018).<\/li>\n
  16. Mikami, K. (2018). \u201cAre cooperative firms a less competitive form of business? Production efficiency and financial viability of cooperative firms with tradable membership shares\u201d, Economic Systems, vol. 42, iss. 3, pp. 487-502. https:\/\/doi.org\/10.1016\/j.ecosys.2017.11.005 (Accessed 01 October 2018).<\/li>\n
  17. Bos, W. B. and Millone, M. (2015). \u201cPractice What You Preach: Microfinance Business Models and Operational Efficiency\u201d, World Development, vol. 70, pp. 28-42. https:\/\/doi.org\/10.1016\/j.worlddev.2014.12.018 (Accessed 01 October 2018).<\/li>\n
  18. Krishnamoorthi, S. and Mathew, Saji K. (2018). \u201cBusiness analytics and business value: A comparative case study\u201d, Information & Management<\/em>, vol. 55, Iss. 5, pp. 643-666. https:\/\/doi.org\/10.1016\/j.im.2018.01.005 (Accessed 01 October 2018).<\/li>\n<\/ol>\n

    Received<\/strong>: 19 September 2018<\/p>\n

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    Grynko,\u00a0T.\u00a0V. and Golovko,\u00a0D.\u00a0D. (2018). \u201cScientific approaches to estimation of efficiency of activity of business entities\u201d, Modern Economics<\/em>, vol.\u00a011(2018), pp.\u00a051-57. DOI: https:\/\/doi.org\/10.31521\/modecon.V11(2018)-08.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column width=”1\/2″][vc_column_text]JEL Classification: Q1.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text] DOI:\u00a0https:\/\/doi.org\/10.31521\/modecon.V11(2018)-08 [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Grynko Tetyana, Doctor of Sciences in Economics, Professor, the Head of the Department of Economics, Entrepreneurship and Enterprise Management, Oles Honchar Dnipro National University, Dnipro, Ukraine ORCID ID: 0000-0002-7882-4523 e-mail: greisy25@gmail.com Golovko D., student of the Department of Economics, Entrepreneurship and Enterprise management, Oles Honchar Dnipro National University, Dnipro,
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