What do you mean of efficiency?
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The ratio of the effective or useful output to the total input in any system. Show Efficiency is defined as the ability to produce something with a minimum amount of effort. An example of efficiency is a reduction in the number of workers needed to make a car. noun Ability to produce a desired effect, product, etc. with a minimum of effort, expense, or waste; quality or fact of being efficient. noun The ratio of the energy delivered (or work done) by a machine to the energy needed (or work required) in operating the machine. The efficiency of any machine is always less than one due to forces such as friction that use up energy unproductively. The degree to which this quality is exercised. The program was implemented with great efficiency and speed. noun The ratio of the effective or useful output to the total input in any system. noun The extent to which time is well used for the intended task. The efficiency of the planning department is deplorable. noun The quality or property of being efficient. noun The ratio of effective work to the energy expended in producing it, as of a machine; output divided by input. noun The ratio of the energy delivered by a machine to the energy supplied for its operation. noun (dated) The quality of producing an effect or effects. noun The extent to which a resource, such as electricity, is used for the intended purpose; the ratio of useful work to energy expended. The efficiency of this loudspeaker is 40%. noun (United States) A one-room apartment. I have an efficiency available June through July. Fully-furnished efficiencies. noun Other Word FormsNounOrigin of efficiency
Efficiency looks at what is currently being produced and compares that with what could be achieved with the existing consumption of resources, i.e. labor, time, money, machinery, etc. It is one of the main factors when determining productivity – however, productivity focuses on quantity while efficiency is all about quality and eliminating wastefulness. It signifies a level of performance that describes a process that utilizes the minimum of inputs to create the greatest amounts of output, i.e. getting more out of less. Put simply, efficiency is the ability – often measurable – to avoid wasting energy, money, efforts, materials and time in doing something or in producing a desired result. The ability to do things flawlessly and without waste – the ability to do them well. Efficiency is all about making the best possible use of available resources. Efficient companies maximize outputs from given inputs, thus minimizing their costs. When a company’s efficiency improves, its costs are reduced and its competitiveness enhanced, as long as the focus is also on productivity. Dictionary.com has the following definition for ‘efficiency’: “1. The state or quality of being efficient, or able to accomplish something with the least waste of time and effort; competency in performance. 2. Accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort.” Efficiency versus productivityIn its simplest form, the difference between productivity and efficiency is the difference between quantity and quality. Achieving 100% quality at maximum production levels is not always possible. Companies need to find the right combination of efficiency and productivity in order to optimize output while at the same time minimizing waste. Productivity: is commonly measured as output during comparable periods – production per minute, hour, day, week, etc. For example, if a worker produces 100 shirts in one week, and then 110 shirts the following week, his or her productivity has increased by 10%. Efficiency: looks at the quality of the work done, which usually includes creating output with less waste, spending less money and fewer resources. Sometimes efficiency is more desirable than productivity. For example, imagine two people, Judith and Bob, they both sell industrial valves. Bob sells valves worth $20,000 each week, and claims $3,000 on business expenses. He visits customers, takes them out for lunch, arranges expositions, rents venues, contracts specialized speakers, etc. Judith only sells valves worth $21,000 each week. However, she does all this over the telephone, never leaving her desk. Her expenses are less than $50. While Bob’s productivity – output per employee – is higher, Judith is more efficient, she wastes less money. Judith is making more money for her company.  How can efficiency be associated with quality? Efficiency is linked to the amount of waste – the less waste there is, the more efficient a company or employee is. If John Doe Ltd. produces 1,000 valves each week with 100 employees and Mary Smith Inc. produces 1,100 valves each week with 100 workers, Mary Smith Inc. has clearly got superior productivity. However, if Mary Smith produces 200 faulty valves each week compared to John Doe’s 20, John Doe is more efficient – John Doe ends each week with 980 valves of good quality that can be sold compared to Mary Smith’s 900. Balancing efficiency with productivitySometimes focusing too much on productivity – paying commissions and bonuses on amounts sold or produced – may be at the risk of quality. When people try too hard to boost productivity, they may become less careful. If your greater quality output outweighs the number of problems you have, then that might not be a bad thing. For example, if you push hard for a steep increase in output, the number of defects and returns may rise by 10%. However, if operating at that rate means that the increase in the production of quality units is worth it, then productivity is a good thing. Over-concentration on efficiency can undermine worker productivity to such an extent that they become too frightened of making mistakes and work at a snail’s pace to make sure things never go wrong. However, this results in an exponential decline in productivity, which is not good for any business. What is efficiency and example?Efficiency is defined as the ability to produce something with a minimum amount of effort. An example of efficiency is a reduction in the number of workers needed to make a car. noun.
What is the meaning of efficiency in simple words?Definition of efficient
1 : productive of desired effects especially : capable of producing desired results with little or no waste (as of time or materials) an efficient worker efficient machinery.
What is the meaning of efficiency in business?Efficiency is about making the best possible use of resources. Efficient firms maximise outputs from given inputs, and so minimise their costs. By improving efficiency a business can reduce its costs and improve its competitiveness.
What do you mean by efficiency in management?Efficiency in management means performing activities with the minimum wastage of resources which also refers to optimum utilization of resources so that the organisation can maximize the profit.
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