- efficiency
- Because of futures contracts' standardization of terms, large numbers of traders from all walks of life may trade futures, thus allowing prices to be determined readily (it is more likely that someone will want a contract at any given price). The more readily prices are discovered, the more efficient are the markets. The CENTER ONLINE Futures Glossary————The degree and speed with which a market accurately incorporates information into prices . Bloomberg Financial Dictionary
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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.
ˌeconomic efˈficiency MANUFACTURING COMMERCEthe 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.
inˌdustrial efˈficiency MANUFACTURING COMMERCEthe 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.
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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 efficiency
achieve/boost/improve efficiency »The company invested substantial amounts of money upgrading the plant, and its workers agreed to flexible work rules that boosted efficiency.
»improved/increased/greater 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% .
→ 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.
