efficiency definition

In its definition of an efficiency unit or apartment, Barron’s "Dictionary of Real Estate Terms" also specifies that the bathroom or kitchen may not be complete – there may be a shower and no tub, there may be no full-size refrigerator or you may have a convection microwave instead of an oven. Efficiency in experience can be defined as the degree to which customer effort is facilitated. See also mechanical advantage. Trane air conditioners range from 14.5 SEER up to 22 SEER. Operational efficiency is the ability of an organization to reduce waste in time, effort and materials as much as possible, while still producing a high-quality service or product. ‘The nation's translation industry is often criticized for its poor quality and lack of efficiency.’. Efficiency ratios are used to judge the management of a business. 1 : the quality or degree of being efficient. Never compromise on quality. /ɪˈfɪʃnsi/ [uncountable] the quality of doing something well with no waste of time or money improvements in efficiency at the factory I was impressed by the efficiency with which she handled the crisis. Peak efficiency definition: Efficiency is the quality of being able to do a task successfully, without wasting time... | Meaning, pronunciation, translations and examples The Department of Energy (DOE) is the primary federal agency that deals with energy effiiciency and aims to develop energy efficient technologies for buildings, homes, transportation, power systems and industry. It can be measured quantitatively by designing and attaining the input-output ratios of the company’s resources like funds, energy, material, labor, etc. Where productivity was more focused on increasing the quantity being manufactured, efficiency refers to Analysts measure the operating efficiency of a company using this ratio. Definition. Definition of efficiency. High viscosities reduce the mass transfer efficiency and cause difficulties with pumping and dispersion. Code efficiency is directly linked with algorithmic efficiency and the speed of runtime execution for software. Definition: Normally when you think of something being efficient, you think of getting a task done in the smallest amount of time or getting something done extremely quickly. ITIL V3 offers us the following: Efficiency – “A measure of whether the right amount of resources have been used to deliver a process, service or activity. Efficiency Works unites the energy and water efficiency offerings of the northern Colorado utilities of Estes Park Power & Communications, Fort Collins Utilities, Longmont Power & Communications, Loveland Water and Power and Platte River Power Authority. The modern literature in both fields begins with the same seminal paper, namely Farrell (1957). Definition of Efficiency Efficiency refers to the ability to produce maximum output from the given input with the least waste of time, effort, money, energy and raw materials. "Efficiency is thus not a goal in itself. Financially, operational efficiency can be defined as the ratio between the input required to keep the organization going and the output it provides. An example of efficiency is a reduction in the number of workers needed to make a car. A particular allocation of resources, or a particular arrangement, is said to be Pareto efficient or Pareto optimal (or equivalently, is said to have Pareto efficiency or Pareto optimality) if there is no Pareto improvement possible. Code efficiency is a broad term used to depict the reliability, speed and programming methodology used in developing codes for an application. Efficiency is the (often measurable) ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. Definition of efficiency noun in Oxford Advanced American Dictionary. Efficiency. The first Theory of Efficiency is Pareto efficiency or Pareto optimality. Pareto's efficiency takes place when the resources are most optimally used. Meaning of efficiency. Conversely, a low liability-related ratio implies management effectiveness, since payables are being stretched. The extent to which time is well used for the intended task. Energy conversion efficiency, desired energy output per energy input; Energy conservation, reducing the use of energy; Electrical efficiency, useful power output per electrical power consumed; Fuel efficiency, converting energy in fuel to kinetic energy or work . Efficiency, in the strictest sense of the definition is being able to produce something with the minimum amount of time and resources. The most sustainable way to use energy is to use as little as necessary to meet your needs. Learn more. This relationship can be measured in physical terms (TECHNOLOGICAL EFFICIENCY) or cost terms (ECONOMIC EFFICIENCY). Allocative Efficiency Allocative efficiency is the deployment of resources to create value. Efficiency is the output you get for a unit of input.Quality is the value of products and services to customers.Efficiency and quality are a common business tradeoff as it is often possible to make short term gains in efficiency by cutting quality.Alternatively, efficiency such as speedy service may be viewed as a quality improvement. Definition - What does Energy Efficiency mean? the prices of the assets are arrived based on the information available in the market. For example, if a bank spends $10 million and makes $15 million in a given month, its efficiency ratio is .67. Banks desire a lower efficiency ratio because this means that the bank is making considerably more than it is spending and is therefore on sound fiscal footing. Efficiency refers to the productive use of limited resources. This is the third in a series of occasional notes on economics Decision makers are increasingly faced with the challenge of reconciling growing demand for health care services with available funds.1 Economists argue that the achievement of (greater) efficiency from scarce resources should be a major criterion for priority setting. It can be measured quantitatively by designing and attaining the input-output ratios of the company’s resources like funds, energy, material, labor, etc. Definition: Pareto's efficiency is defined as the economic situation when the circumstances of one individual cannot be made better without making the situation worse for another individual. ‘Sri Lanka has identified health as an area where information technology should be used to boost efficiency and service quality.’. More example sentences. ‘Sri Lanka has identified health as an area where information technology should be used to boost efficiency and service quality.’. It is the opposite of waste. We can define efficiency as: the ability to avoid wasting energy when performing a particular work; the ratio between the useful work performed by a device and the total energy consumed as input; Let’s suppose we have a system which receives a power as input and outputs another power.

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