Abstract: In the context of increasing uncertainty in the economic environment, characterized by high variability of external factors, growing market turbulence, and volatility of enterprise performance outcomes, the issue of evaluating efficiency becomes particularly relevant. Uncertainty complicates the interpretation of economic results, as identical performance indicators may be generated under different conditions, thereby reducing the reliability of conclusions regarding enterprise efficiency. In academic research, efficiency is traditionally interpreted through a result-oriented logic, within which economic dynamics is viewed as a change in indicator values, which limits the possibilities for an in-depth analysis of enterprise functioning processes. At the same time, the interaction of changes in indicators, their stability, and the nature of result formation remain beyond the scope of independent analysis, which complicates a comprehensive evaluation of enterprise performance under conditions of uncertainty. The purpose of the article is to substantiate an approach to evaluating enterprise performance based on the consideration of process characteristics of economic dynamics and involving the identification of operating modes as a basis for its analytical interpretation.

The study develops a process-based interpretation of economic dynamics, according to which performance is considered as a property formed through the interaction of changes in key economic indicators. The expediency of shifting from a result-oriented to a process-based logic of evaluation is substantiated, allowing for consideration not only of the achieved results but also of the manner in which they are formed, particularly in terms of the coherence and reproducibility of changes. It is proposed to examine economic dynamics through a system of analytical dimensions that reflect the interrelation of changes in indicators, their stability over time, and the nature of result formation in enterprise performance. Based on the combination of these dimensions, modes of economic dynamics are identified, which characterize the way in which performance outcomes are formed and allow differentiation of economic situations in terms of the quality of system functioning. It is established that identical performance results may correspond to different modes of economic dynamics, which leads to differences in the interpretation of efficiency and necessitates the consideration of process characteristics in its evaluation. It is concluded that the process-based interpretation of efficiency expands the analytical capabilities of enterprise performance evaluation under conditions of uncertainty and provides a deeper understanding of the mechanisms underlying the formation of economic results. Prospects for further research are associated with the development of methodological tools for the quantitative assessment of process characteristics of economic dynamics, their formalization, and adaptation to the practice of analytical support for enterprise management.