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Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste.
In statistics, efficiency is a measure of quality of an estimator, of an experimental design, [1] or of a hypothesis testing procedure. [2] Essentially, a more efficient estimator needs fewer input data or observations than a less efficient one to achieve the Cramér–Rao bound.
The first fundamental welfare theorem provides some basis for the belief in efficiency of market economies, as it states that any perfectly competitive market equilibrium is Pareto efficient. The assumption of perfect competition means that this result is only valid in the absence of market imperfections , which are significant in real markets.
The efficient or moving cause of a change or movement. This consists of things apart from the thing being changed or moved, which interact so as to be an agency of the change or movement. For example, the efficient cause of a table is a carpenter, or a person working as one, and according to Aristotle the efficient cause of a child is a parent.
Resource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted resource expenses.
Common energy efficiency label on appliances to indicate their energy efficiency in a clear manner. Efficient energy use, or energy efficiency, is the process of reducing the amount of energy required to provide products and services. There are many technologies and methods available that are more energy efficient than conventional systems.
First, incremental eco-efficiency, which "specifies the effects of the total value of a product system or sector and its total concomitant environmental effects." [ 1 ] Second, an analysis method nicknamed win-win , which "gives a comparison between a historical reference situation and potentially new situations based on the use of new ...
Heat pumps are a more efficient alternative to electrical resistance heaters for warming air or water. A variety of efficient clothes dryers are available, and the clothes lines requires no energy- only time. Natural-gas (or bio-gas) condensing boilers and hot-air furnaces increase efficiency over standard hot-flue models.