In recent decades, modernization efforts by public sector organizations have been driven by neoliberalism principles, while simultaneously focusing on performance measurement and management systems (PMMS). These systems are expected to promote a stronger emphasis on effectiveness, quality, and outcomes. Based on a documentary analysis, this chapter investigates how PMMS within higher education in Finland and Sweden have defined, measured, and managed outcomes and effectiveness. The findings shed light on converging and diverging trends and the potentialities and challenges of outcome-based approaches and provide scholars and practitioners with insights into the current development and key features of such systems.