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efficiency

Page history last edited by PBworks 15 years, 9 months ago

 

  1. efficiency: 
      1. Efficiency is =

 

 

efficiency: 

 

a concept of Operations management:

 

 

1.  efficiency:  doing something for the lowest posible cost (time and money).  Doing the same thing with the smallest amount of resources.

2.  effectiveness:  doing the right thing. creating the most value for the company.

3.  value:  quality / price

 

 

Efficiency is =

 

minimum amount of waste or the maximum output for given inputs and technology

 

A system can be called economically efficient if

  • No one can be made better off without making someone else worse off.
  • The most output is obtained from a given amount of inputs.
  • Production proceeds at the lowest possible per unit cost.

 

 

 

 

 

 

 

Links:

 

 

http://en.wikipedia.org/wiki/Efficiency_(economics)

 

 

 

 

 

 

 

 

 

 

Digg!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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