THE CONTEMPORARY CONCEPTS OF BUSINESS PERFORMANCE MEASURЕMENT

Business performance measurement plays a special role in improving the quality of decision-making and increasing overall business efficiency. Performance measurement provides the information about the state of an organization as a system, and on that basis, in the future, set realistic goals which will be challenging and stimulating. Without an objective, comprehensive, regular measurement of business performances, an organization would lose vital information for a continuous stream of business management decision making, without which there is no effective management (planning, organizing, leading and controlling). From the above mentioned, the importance of developing new, modern performance measurement system is gone, which should to overcome the disadvantages of the traditional financial measurement system, which is based solely on financial measures of performances. The aim of this paper is to highlight the characteristics of modern business performance measurement framework and presents only some of them. Introducing these new concepts and their effective implementation in organizations is in a function of the increasing the business efficiency.