This thesis includes four major chapters. The thesis starts with discussing the aim, objectives, research approaches, and ethical considerations. The first chapter demonstrated the literature review of the business analysis and performance measurement. The business analysis comprises of four parts: strategy analysis, accounting analysis, financial analysis, and prospective analysis. The main scope of the thesis is financial analysis. Therefore, the financial analysis was explained in detail, while strategy analysis, accounting analysis, and prospective analysis were briefly described as they are also parts of business analysis. Financial analysis is extended by ratio analysis. Afterwards, performance measurement was explained, which started from the definition of effectiveness and efficiency and followed performance measurement approaches. Chapter 2 described data and the general research methodology used in the thesis. The chapter examined research data sources and described a comprehensive review of the DEA, SFA, PCA, and k-medoids analysis. The basic DEA concepts, together with the formulations, were explained and moved forward to more advanced issues development of DEA. Moreover, the concepts of SFA with a discussion of its advantages and disadvantages and a comparison between DEA and SFA methods were illustrated. Chapter 3 began with a comparison between the Mongolian economy and three other Asian countries’ economies. Afterwards, an introduction to the main features of Mongolia, its current economic situation, and main sectors, which are fundamental for the Mongolian economy, were introduced in this chapter. Then the empirical results of DEA and SFA for each sector were discussed. Chapter 4 briefly summarized each chapter’s key aspects and findings of the entire research and provided the main conclusion of the thesis with the novelty of this thesis.