efficiency
Definition
Comparison of what is actually produced or performed with what can be achieved with the same consumption of resources (money, time, labor, etc.). It is an important factor in determination of productivity. See also effectiveness.
efficiency is in the Entrepreneurship, Management, & Leadership, HR, Teams, & Training and Industries, Manufacturing, & Technology subjects.
efficiency appears in the definitions of the following terms:
coefficient of performance (COP),
energy efficiency ratio (EER),
return on equity (ROE),
contract cost analysis,
management by objectives (MBO),
figure of merit,
clock speed,
financial ratios,
cash turnover ratio,
ratio
and
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