Abstract
The study’s aim is to compare qualitative and quantitative tools used to measure the effectiveness of innovation activities in an enterprise. The techniques examined in the study are the balanced scorecard, multilevel clustering, world indices or descriptive statistics, mixed approach, and statistical method. The research found that the balanced scorecard was the most cost-effective for measuring the business efficiency within an enterprise. Multilevel clustering and world indices/descriptive statistics can be applied to developed markets and businesses with sustainable entrepreneurial orientation. The results can be used by top-level managers to assess innovation performance and make informed decisions regarding the innovation-related policy.
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