economy, efficiency, and effectiveness


economy, efficiency, and effectiveness
The primary performance measures for an operating system In order for a system to be effectively managed, it is necessary to have feedback. Economy requires feedback on the cost of the inputs to a system. Efficiency measures how successfully the inputs have been transformed into outputs. Effectiveness measures how successfully the system achieves its desired outputs. Because effectiveness involves the subjective reaction of the customer, it is the most difficult to measure.

Big dictionary of business and management. 2014.

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