Comparative performance evaluation under uncertainty

Comparative performance evaluation under uncertainty

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Article ID: iaor20043006
Country: Netherlands
Volume: 150
Issue: 3
Start Page Number: 482
End Page Number: 495
Publication Date: Nov 2003
Journal: European Journal of Operational Research
Authors: ,
Keywords: measurement
Abstract:

In this article CCPR, a multidimensional framework for comparative performance evaluation is proposed, which is elaborated and illustrated through a real-life case. A particular feature of the approach is that it takes account of and corrects for the influence of risks, which are beyond the control of the decision maker. Here, risk is seen as a multidimensional measure; it is expressed by means of sensitivities to unexpected changes of a multitude of risk factors. Furthermore, the approach corrects for differences in characteristics between the firms that are being compared. Some characteristics are fixed and thus uncontrollable for the decison maker, whereas others may be changed and controlled by the decision maker. The approach also answers whether the changes in firm characteristics made by management have been appropriate or not.

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