CONTEMPORARY PERFORMANCE MEASUREMENT SYSTEMS

The aim of this paper is to provide an overview of contemporary performance measurement systems and to elaborate their characteristics or procedures in their implementation. Additionally, this study conducted a systematic and critical analysis of these systems. Contemporary performance measurement systems that have been analyzed in this paper are the Balanced Scorecard, Performance Prism, EFQM Excellence Model, Quality costs, ABC-Activity Based Costing, Macro Process Model of the Organization, SMART - Strategic Measurement and Reporting Technique, Performance Measurement Matrix, Model Results and Determinants Frameworks. Common to all these systems is an attempt to link the measurement of organizational performance with the strategy and company's long-term orientation, but what they all lack is covering all business dimensions. Although a growing number of studies in the field of performance management show that companies using contemporary performance measurement systems achieve better organizational results, still in practice there is no significant use of them.