Performance of the economy of Vojvodina: Empirical analysis

Abstract

It is very challenging, continuously topical, significant and complex to research the performance of the economy, region, sector and company by applying, individually or integrated, different methods of multi-criteria decision-making. Bearing that in mind, this paper analyzes the performance dynamics of the economy of Vojvodina using the LMAW-DNMA method in order to improve it in the future by applying relevant measures. According to the results of the LMAW-DNMA method of selection and ranking of years according to the financial performance of the economy of Vojvodina in the period 2014-2021, it is as follows: 2021, 2020, 2018, 2019, 2017, 2016, 2015 and 2014. In the period 2014-2021, the best financial performances of the economy of Vojvodina were achieved in 2021 and the worst in 2014. Taken as a whole, the economy of Vojvodina is characterized by a continuous improvement in financial performance. Among other things, the effective management of critical business success factors (price, costs, time, quality, innovation and growth, etc.) contributed to this.