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Efficiency refers to very different inputs and outputs in different fields and industries. In 2019, the European Commission said: "Resource efficiency means using the Earth's limited resources in a sustainable procent manner while minimising impacts on the environment. It allows us to create more with less and to deliver greater value with less ...
Effectiveness or effectivity [1] is the capability of producing a desired result or the ability to produce desired output. When something is deemed effective, it means it has an intended or expected outcome, or produces a deep, vivid impression. [2]
Six Sigma (6σ) is a set of techniques and tools for process improvement.It was introduced by American engineer Bill Smith while working at Motorola in 1986. [1] [2]Six Sigma strategies seek to improve manufacturing quality by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.
In the long-run, firms change production levels in response to (expected) economic profits or losses, and the land, labour, capital goods and entrepreneurship vary to reach the minimum level of long-run average cost. A generic firm can make the following changes in the long-run: Enter an industry in response to (expected) profits
The goal of a firm is to maximize profits or minimize losses. The firm can achieve this goal by following two rules. First, the firm should operate, if at all, at the level of output where marginal revenue equals marginal cost. Second, the firm should shut down rather than operate if it can reduce losses by doing so. [1] [2]
The following symbols are used in the presentation: The equal sign (=) signifies the starting point of the computation or the result of computing and the plus or minus sign (+ / -) signifies a variable that is to be added or subtracted from the function. A producer means here the producer community, i.e. labour force, society and owners.
Change Management: Implementing new processes and technologies can meet with resistance from employees. Cost of Implementation : Initial investments in technology and training can be high, though they usually pay off in the long run.
At this point, the net social benefit is maximized, meaning this is the allocative efficient outcome. When a market fails to allocate resources efficiently, there is said to be market failure . Market failure may occur because of imperfect knowledge, differentiated goods, concentrated market power (e.g., monopoly or oligopoly ), or externalities .