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Efficiency is very often confused with effectiveness. In general, efficiency is a measurable concept, quantitatively determined by the ratio of useful output to total useful input. Effectiveness is the simpler concept of being able to achieve a desired result, which can be expressed quantitatively but does not usually require more complicated ...
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
The relative efficiency of two procedures is the ratio of their efficiencies, although often this concept is used where the comparison is made between a given procedure and a notional "best possible" procedure.
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. It means using the Earth's limited resources in a sustainable manner while minimising environmental impact.
Cutting-edge designs, such as the diesel Mercedes-Benz Bionic concept vehicle have achieved a fuel efficiency as high as 84 miles per US gallon (2.8 L/100 km; 101 mpg ‑imp), four times the current conventional automotive average. [44] The mainstream trend in automotive efficiency is the rise of electric vehicles (all-electric or hybrid ...
In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. [1]
Allocative efficiency is a state of the economy in which ... Although there are different standards of evaluation for the concept of allocative efficiency, the basic ...
The efficiency movement was a major movement in the United States, Britain and other industrial nations in the early 20th century that sought to identify and eliminate waste in all areas of the economy and society, and to develop and implement best practices. [1] The concept covered mechanical, economic, social, and personal improvement. [2]