Abstract:

This paper aims at presenting and emphasizing the existing connections between the following key concepts: intellectual capital, evaluation in terms intellectual capital and knowledge management, measuring effectiveness.

The first part of this research paper presents the literature review on intellectual capital, intellectual capital methods of evaluation, knowledge management methods of evaluation and ways of measuring effectiveness.

Due to the fact that nowadays intellectual capital is an increasingly important component in determining the companies’ success, the second part of this scientific work presents several examples of best practices concerning Romania’s Experience in terms of achieving performance and excellence. In this matter, in this paper a model of managing intellectual capital will be developed and presented. The model of managing intellectual capital will focus on the following aspects: the role of education in Romania, and at a bigger scale, the role of education in the European Union and the influences of education on individuals as key components of business organizations; the links between education, human resources, intellectual capital and business performance in the Romanian industry; the intellectual capital, seen as a core asset for the third millennium Romanian enterprises; the key intangible capital regarded as a determining competitive factor; the Romanian enterprises changes and the ways of obtaining superior results through systems thinking; the challenges brought by evaluating intellectual capital in terms of risk management.

The third part has the purpose of describing the steps needed in order to implement the model of managing intellectual capital described in the second part of this work and the strategy that needs to be considered in order to make this model part of any successful company worldwide. Furthermore, the scenarios will mainly focus on Romania’s situation; however important suggestions will be made for other countries as well, in particular the ones in the European Union.

In conclusion, this paper will show the importance of intellectual capital evaluation as well as the ways of measuring effectiveness, and will present a model of managing intellectual capital and the ways in which to implement and adapt it in order to provide performance and excellence on the long run.

Keywords:

Intellectual capital, evaluation, tangible assets, intangible assets, accounting value, measuring effectiveness, performance, excellence, Romania’s experience.