A preorder based on execution speed, called performance preorder, is i
ntroduced for a simple process algebra with durational actions. Two pr
ocesses E and F are related -E box with right side missing(p) F- if th
ey have the same functionality (in this case, we have chosen strong bi
simulation equivalence) and E is at least as fast as F. Hence, this pr
eorder supports the stepwise refinement ''from specification to implem
entation'' by increasing efficiency while retaining the same functiona
lity. We show that the problem of finding faster implementations for a
specification is connected to the problem of finding more distributed
implementations of the same specification. Both performance preorder
and the induced equivalence, called competitive equivalence, are provi
ded with sound and complete axiomatizations for finite agents.