efficiency

  

Definition

The 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.

Use efficiency in a sentence

  • The designers needed to revise the product specifications as the complexity of its parts reduced the efficiency of the manufacturing process

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  • Their efficiency on the assembly line was so great that the company was able to produce many more items than its competitors.

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  • The efficiency of the production of cars was greatly improved by Ford and his development of the assembly line, in which each worker performed a specific operation and then sent the car to the next worker.

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Notable Quotes

  • Efficiency in Growing Markets
    "In a rapidly growing market, you don't worry too much about efficiency. It's more important to grow fast. If there's some mundane problem getting in your way, and there's a simple solution that's somewhat expensive, just take it and get on with more important things. eBay didn't win by paying less for servers than their competitors."
    - Paul Graham

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