In the present-day world, regions which boast sound business environment tend to demonstrate unparalleled advantages in attracting capital investment, the best human talents, and many other production factors. The World Bank conducts annual surveys to evaluate business environments in countries across the world. Time constitutes the paramount norm in its assessment. Such assessments serve as an indisputable case in which the transaction costs can be measured in terms of time. However, comparative studies of the temporal dimension alone are insufficient to disclose the reasons underlying different indexes of the business environment. This deficiency undermines the value of applying such evaluations to institutional reforms. In this chapter, transaction modules will be utilized as an analytical method to demonstrate how to systematically identify flaws in the business environment, thus creating a foundation for formulating systematic plans with which to reform the business environment.