efficiency


efficiency
= technical efficiency
1) A measure of the ability of an organization to produce the maximum output of acceptable quality with the minimum of time, effort, and other inputs. One company is said to be more efficient than another if it can produce the same output as the other with less inputs, irrespective of the price factor. See economy, efficiency, and effectiveness
2) (economic efficiency) A measure of the ability of an organization to produce and distribute its product at the lowest possible cost. A firm can have a high technical efficiency but a low economic efficiency because its prices are too high to meet competition.

Big dictionary of business and management. 2014.

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