EFFICIENCY Meaning and
Definition
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Efficiency is a term used to describe the extent to which resources, time, or efforts are utilized effectively to produce desired results. It often refers to the ability to accomplish a task or achieve a goal with minimum waste or effort.
In a general sense, efficiency can be seen as a measure of how well resources, such as labor, capital, or energy, are managed and utilized to produce a desired outcome. It involves maximizing the output or results while minimizing the input or resources required. This can be seen in various contexts, ranging from industrial processes to personal productivity.
Efficiency is often synonymous with effectiveness, but there is a distinction between the two. While effectiveness focuses on accomplishing goals or producing results, efficiency emphasizes the process involved and the optimal utilization of resources. It is about doing things in the most productive and economical manner.
In economic terms, efficiency refers to the allocation of resources in a way that maximizes overall utility or welfare. This involves optimizing the use of scarce resources to ensure the greatest benefit for individuals or society as a whole. Efficiency is often a key consideration in determining the economic viability and competitiveness of businesses and industries.
Overall, efficiency is a fundamental concept that reflects the ability to achieve desired outcomes with minimal waste, effort, or resources. It is a measure of effectiveness, productivity, and optimization in various contexts, contributing to the overall success and sustainability of individuals, organizations, and societies.
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A causing to be or exist; effectual agency; power of performing works.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of EFFICIENCY
The word "efficiency" derives from the Latin word "efficientia", which means "accomplishment" or "effectiveness". It is derived from the Latin verb "efficere", meaning "to accomplish, produce, or bring about". The Latin term is a combination of "ex", meaning "out", and "facere", meaning "to do". The concept of efficiency is rooted in the idea of achieving desired results or effectively utilizing resources.
Similar spelling words for EFFICIENCY
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