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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 efficiency ratio indicates the expenses as a percentage of revenue (expenses / revenue), with a few variations – it is essentially how much a corporation or individual spends to make a dollar; entities are supposed to attempt minimizing efficiency ratios (reducing expenses and increasing earnings). The concept typically applies to banks.
The player efficiency rating (PER) is John Hollinger's all-in-one basketball rating, which attempts to collect or boil down all of a player's contributions into one number. Using a detailed formula, Hollinger developed a system that rates every player's statistical performance.
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.
R-value—thermal resistance; SC—shading coefficient (windows) SEER—seasonal E efficiency ratio; SHGC—solar heat gain coefficient; SIR—savings-to-investment ratio (energy conservation investments) SLA—Specific leakage area; SPB—Simple Payback (energy conservation investments) SSE—steady-state efficiency
A high ROI means the investment's gains compare favorably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. [1] In economic terms, it is one way of relating profits to capital invested.
Ordinary least squares regression of Okun's law.Since the regression line does not miss any of the points by very much, the R 2 of the regression is relatively high.. In statistics, the coefficient of determination, denoted R 2 or r 2 and pronounced "R squared", is the proportion of the variation in the dependent variable that is predictable from the independent variable(s).