Influence of Economic Development Paradigm on Enterprise Performance Measurement and Management System
Author(s): Veronika Burešová, Lilia Dvořáková
Abstract: There is no enterprise management area which has not changed thanks to global economy development. Also the enterprise financial management is no different case. Still more intensive attention of academic and business sector is devoted to enterprise performance measurement and management. Performance measurement and management in accordance with strategic decisions – decisions about goals, strategies in an enterprise together with enterprise value creation and management is considered to be a key factor for the stakeholders which determines the competitiveness level of an enterprise in a long-term period. The target of this paper is to present the results obtained by qualitative research which was focused on mapping, identification, analysis and generalization of key changes in economic development paradigm and their reflection in financial management – specifically in enterprise performance measurement and management. The current shape and future development directions of concepts, methods and tools for enterprise performance measurement and management are discussed in worldwide context. The most significant advantages and benefits are taken into account and compared to the weaknesses and limitations of the most often used ones. The paper summarizes the results of a partial research within the project SGS-2013-40 „Paradigm of Development in the 21st Century and its Impact on the Behaviour of Economic Entities“.
Keywords: Balanced Scorecard, Economic Development Paradigm, Enterprise Performance, European Foundation For Quality Management, Financial Management, Value Based Management
Pages: 525-536WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 11, 2014, Art. #49