Efficiency

Efficiency refers to the ability to achieve maximum output with minimal input or resources. It is a measure of how well resources are utilised to produce a desired result or effect. In various contexts, such as business, engineering, and economics, efficiency assesses the performance of processes, systems, or activities in terms of time, cost, and energy consumption. An efficient system optimises these factors to minimise waste and maximise productivity, leading to improved outcomes and reduced expenses. The concept also implies effectiveness, which relates to the degree to which objectives are met, though efficiency specifically focuses on the resource aspect of achieving those objectives.