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Efficiency. 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 more mathematical or scientific terms, it signifies the level of performance that uses ...
Effectiveness. Look up effectiveness in Wiktionary, the free dictionary. 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.
Economic efficiency. 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. Productive efficiency: no additional output of one good can be obtained without decreasing the output of ...
Efficiency (statistics) 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. An efficient estimator is characterized ...
Organizational effectiveness. Organizational effectiveness is a concept organizations use to gauge how effective they are at reaching intended outcomes. [1] Organizational effectiveness is both powerful and problematic term. The strength of it is that it may be used to critically evaluate and improve organisational activities.
Overall equipment effectiveness. Overall equipment effectiveness[1] (OEE) is a measure of how well a manufacturing operation is utilized (facilities, time and material) compared to its full potential, during the periods when it is scheduled to run. It identifies the percentage of manufacturing time that is truly productive.
Program evaluation is a systematic method for collecting, analyzing, and using information to answer questions about projects, policies and programs, [ 1 ] particularly about their effectiveness and efficiency. In both the public sector and private sector, as well as the voluntary sector, stakeholders might be required to assess—under law or ...
Cost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. [1] Cost-effectiveness analysis is often used in the field of ...