- Reflects the amount of wasted energy. The New York Times Financial Glossary
* * *1. how well an industrial process, factory, or business works so that it produces as much as possible from the time, money, and resources that are put into it:
• A successful business constantly strives for greater efficiency.
• The increase in profitability is the result of improved efficiency.2. how well and quickly a person or machine works:
• He was impressed by the speed and efficiency of the Japanese trains.
• I had to admire his efficiency.3. cost efficiency/fuel efficiency etc when something costs as little as possible, uses as little fuel as possible etc:
• Auto makers will increase the fuel efficiency of their cars by 20% over the next five years.the ability of a factory or process to produce goods cheaply so that they can be sold at a low price and still make a profit:
• Minor adjustments have been made to the system to improve its economic efficiency.the ability of an industry to produce goods cheaply so that they can be sold at a low price and still make a profit:
• The result could be a more efficient use of resources in Japan, which would improve the country's industrial efficiency.ˌtechnical efˈficiency MANUFACTURINGhow well and quickly a machine produces high quality goods. When measuring the technical efficiency of a machine, the production costs are not considered important:
• Improvements in technical efficiency have led to a more streamlined manufacturing process.
* * *efficiency UK US /ɪˈfɪʃənsi/ noun► [U] a situation in which a person, company, factory, etc. uses resources such as time, materials, or labour well, without wasting any: »
The company is looking to shed around 1,000 jobs as part of an efficiency drive.»
business/economic/operational efficiencyachieve/boost/improve efficiency »
The company invested substantial amounts of money upgrading the plant, and its workers agreed to flexible work rules that boosted efficiency.»
efficiency gains/improvements/savings► [U] a situation in which a person, system, or machine works well and quickly: improve/increase/maximize efficiency »
We are looking at ways to increase the efficiency of our advertising.»
She does the job with great efficiency.► [C or U] PRODUCTION the difference between the amount of energy that is put into a machine in the form of fuel, effort, etc., and the amount that comes out of it: »
Burning wood on an open fire has efficiencies of only 15-20% compared to wood burning stoves, chip and pellet boilers with efficiencies of up to 80-90% .● efficiencies — Cf. efficiencies→ See also COST EFFICIENCY(Cf. ↑cost efficiency), ENERGY EFFICIENCY(Cf. ↑energy efficiency), FUEL EFFICIENCY(Cf. ↑fuel efficiency), INDUSTRIAL EFFICIENCY(Cf. ↑industrial efficiency), MARKET EFFICIENCY(Cf. ↑market efficiency), TECHNICAL EFFICIENCY(Cf. ↑technical efficiency), X-EFFICIENCY(Cf. ↑x-efficiency)
Financial and business terms. 2012.