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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.
Efficacy, efficiency, and effectivity are terms that can, in some cases, be interchangeable with the term effectiveness. The word effective is sometimes used in a quantitative way, "being very effective or not very effective". However, neither "effectiveness", nor "effectively", inform about the direction (positive or negative) or gives a ...
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.
Water efficiency is the practice of reducing water consumption by measuring the amount of water required for a particular purpose and is proportionate to the amount of essential water used. [ 1 ] [ 2 ] Water efficiency differs from water conservation in that it focuses on reducing waste, not restricting use. [ 3 ]
In mathematics, a coefficient is a multiplicative factor in some term of a polynomial, a series, or any expression.For example, in the polynomial + +, with variables and , the first two terms have the coefficients 7 and −3.