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Efficiency as the Main Concept and Criterion of the Enterprise’s Activity
Otenko I. P.

Otenko, Iryna P. (2020) “Efficiency as the Main Concept and Criterion of the Enterprise’s Activity.” Business Inform 6:190–195.
https://doi.org/10.32983/2222-4459-2020-6-190-195

Section: Economics of Enterprise

UDC 658:005.336.1:303

Abstract:
The article is aimed at analyzing the efficiency as the basic concept and criterion of the enterprise’s activity. The evolution of the concept of «efficiency of the enterprise’s activity» is considered, the views of researchers on the definition of this concept are systematized. Basically, the researchers suggest that efficiency is considered as a ratio of results to costs, or as a trajectory of operation of an enterprise. In order to carry out a comprehensive evaluation of the enterprise’s performance, it is proposed to carry out an evaluation on the following criteria: economic efficiency of production (level of satisfying the market demand, production per unit of resource costs, costs of a production unit); efficiency of labor use (labor intensity of a production unit, relative release of workers); efficiency of use of the main production funds (return on main funds, fund intensity of production); efficiency of use of material resources (material intensity of production, material output); efficiency of use of financial and investment means (working capital turnover ratio, duration of one turnover of standardized working capital, relative release of working capital, relative capital investments, investment per unit of introduced capacities, profitability of investments); production quality (economic effect of improving the product quality); financial and economic indicators (liquidity, solvency); efficiency of the use of assets (return on funds, turnover of all assets). The results of the carried out research constitute the basis for the analysis of efficiency of the enterprise’s performance and the choice of the directions of its further activities. Prospect of research in this direction is the development of a methodical support for the choice of directions of the future activities of enterprise.

Keywords: efficiency, activity, enterprise, evaluation, concept, criterion.

Tabl.: 1. Bibl.: 17.

Otenko Iryna P. – Doctor of Sciences (Economics), Professor, Professor, Department of International Economic Relations, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]

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