efficiency

efficiency
Gen Mgt
the achievement of goals in an economic way. Efficiency involves seeking a good balance between economy in terms of resources such as time, money, space, or materials, and the achievement of an organization’s goals and objectives. A distinction is often made between technical and economic efficiency. Technical efficiency means producing maximum output with a minimum input, while economic efficiency means the production and distribution of goods at the lowest possible cost. In management, a further distinction is often made between efficiency and effectiveness, with the latter denoting performance in terms of achieving objectives. Achieving efficient performance is one of the key drivers behind scientific management.

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