Abstract
Purpose: To review research contributions to performance measurement systems.Design/Methodology/Approach: Critical review of the literature using the systems developed by previous contributors: performance measurement systems; financial measures vs. non-financial measures; quantification of qualitative performance indicators; and generalization vs. specification in performance measurement system.Findings: The absence of unified performance measurement systems means that the existing literature is capturing a wide range of financial measures and qualitative specifications. As a result, performance measurement system appears scattered rather than summative. New measurement systems are needed for correct measurement of performance comprising both financial variables with non-financial variables and also inclusion of qualitative perspective is inevitable.Research Limitations/Implications: Similar researches have suggested performance measurement systems must always be tailored according to requirement of assessment entity. Empirical work must explain the measurement of performance explicitly.Originality/Value:This paper synthesizes the existing literature in the area of performance measurement systems that has been critical for the performance evaluator in terms of advice given to strategic manager, business owners and policy makers.
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