This paper provides a comprehensive performance analysis approach for Real-Time Optimization (RTO) technologies, which incorporates systematic approaches to estimating bounds on the convergence behaviour and performance effects of on-line experiments used by a given RTO approach. The performance analysis method is illustrated by an investigation of the conventional two-phase approach and representative techniques drawn from the three main classes of perturbation-based RTO methods which attempt to directly compensate for plant/model mismatch through adaptation. The proposed approach is applied to two simulation-based case studies: a heat exchanger system and a continuous bioreactor.