GENERAL KNOWLEDGE

Detailed explanation-1: -Productivity measures the efficiency of production in economics.

Detailed explanation-2: -Production efficiency is calculated by comparing the actual output rate to a standard output rate. In the case of measuring the productive efficiency of a worker, for example, an employee’s completion rate is compared to the baseline standard.

Detailed explanation-3: -Production efficiency is an economic concept that indicates the maximum level of output a manufacturer can produce without lowering the output of another product. Also referred to as productive efficiency, it’s the level a manufacturer utilizes full production capacity.

Detailed explanation-4: -Operational efficiency is the ratio of your business’s inputs (the costs of producing your products and services) to outputs (the revenues generated by selling those products and services). Put simply, if your costs are x and your revenues are y, then your operational efficiency is x/y.

Detailed explanation-5: -What is efficiency in management? Efficiency in management is the ability of professionals to use the available resources, time, and money to achieve the company’s goals. Efficient team members focus on saving time and resources while ensuring they accomplish the best result.