Gavkhar Khamdamova,
PhD, Professor, Tashkent Institute of Finance,
Tashkent, Uzbekistan. Email: gavkharxamdamova@gmail.com
ORCID: 0000-0002-0690-6845
Abstract. The multifaceted nature of economic efficiency is largely determined by the complex nature of socio-economic processes taking place in the economy. The term “efficiency” refers to a category that in the economic literature is associated with many different concepts, including rationality, productivity and efficiency. The content of the economic efficiency of the company’s activities requires a clear description of the evaluation criteria and indicators, which allows in real practice to identify economic indicators focused on the formation of economically justified consequences. This is necessary because the economic efficiency of the company determines the content of the economic efficiency of the company. The results of the company’s activities should have priority in determining the effectiveness of the company’s activities; however, this alone is not enough to provide an objective assessment of the effectiveness of the company as a whole. Efficiency, as a scientific category, requires the study of non-financial indicators, such as the level of customer satisfaction and loyalty, innovation, product quality compliance with specified technical criteria, and so on. Business performance can be assessed using several different methodologies, including a mechanistic model, a social model, a hierarchical market model and a model of public organization. When discussing business management from a strategic point of view, it is advisable to take into account the aspect of the effectiveness of the organization. The achievement of competitive advantages, the provision of which is feasible through the formation and effective use of key competencies, is the strategic goal of enterprise management at the present stage, and it is possible to ensure these advantages through the use of key competencies.
Keywords: efficiency, economic efficiency, efficiency, model, efficiency assessment, enterprise, productivity, efficiency, costs, competitive advantages, key competencies.