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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.
Simply stated, effective means achieving an effect, and efficient means getting a task or job done it with little waste. To illustrate: suppose, you build 10 houses, very fast and cheap (efficient), but no one buy them. In contrary to building 5 houses same budget and time as 10 houses but you get all 5 sold and the buyers are happy (effective).
In a business context, operational efficiency is a measurement of resource allocation and can be defined as the ratio between an output gained from the business and an input to run a business operation. When improving operational efficiency, the output to input ratio improves.
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.
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.
However, given the common practice in Japan of labeling industrial or business improvement techniques with the word kaizen, particularly the practices spearheaded by Toyota, the word kaizen in English is typically applied to measures for implementing continuous improvement, especially those with a "Japanese philosophy". The discussion below ...
Devised by Dr. Shigeo Shingo, the Shingo Model encompasses ten guiding principles for operational excellence.The Shingo Institute, an organization that awards the Shingo Prize, has identified "Ten Guiding Principles in the Shingo Model" as forming the basis for building a sustainable culture of organizational excellence: [10]
In the mid-1990s especially, workflow management systems were considered a significant contributor to improved process efficiency. Also, ERP ( enterprise resource planning ) vendors, such as SAP , JD Edwards , Oracle, and PeopleSoft , positioned their solutions as vehicles for business process redesign and improvement.