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Efficiency
Efficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least amount of inputs to achieve the highest amount of output. It often specifically comprises the capability of a specific application of effort to produce a specific outcome with a minimum amount or quantity of waste, expense, or unnecessary effort. Efficiency refers to very different inputs and outputs in different fields and industries. In 2019, the European Commission said: "Resource efficiency means using the Earth's limited resources in a sustainable manner while minimising impacts on the environment. It allows us to create more with less and to deliver greater value with less input." Writer Deborah Stone notes that efficiency is " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Envelopment Analysis
Data envelopment analysis (DEA) is a nonparametric method in operations research and economics for the estimation of production frontiers.Charnes et al (1978) DEA has been applied in a large range of fields including international banking, economic sustainability, police department operations, and logistical applicationsCharnes et al (1995) Emrouznejad et al (2016)Thanassoulis (1995) Additionally, DEA has been used to assess the performance of natural language processing models, and it has found other applications within machine learning.Zhou et al (2022)Guerrero et al (2022) Description DEA is used to empirically measure productive efficiency of decision-making units (DMUs). Although DEA has a strong link to production theory in economics, the method is also used for benchmarking in operations management, whereby a set of measures is selected to benchmark the performance of manufacturing and service operations. In benchmarking, the efficient DMUs, as defined by DEA, may not neces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electrical Efficiency
The efficiency of a system in electronics and electrical engineering is defined as useful power output divided by the total electrical power consumed (a fractional expression), typically denoted by the Greek small letter eta (η – ήτα). : \mathrm=\frac If energy output and input are expressed in the same units, efficiency is a dimensionless number. Where it is not customary or convenient to represent input and output energy in the same units, efficiency-like quantities have units associated with them. For example, the heat rate of a fossil fuel power plant may be expressed in BTU per kilowatt-hour. Luminous efficacy of a light source expresses the amount of visible light for a certain amount of power transfer and has the units of lumens per watt. Efficiency of typical electrical devices ''Efficiency'' should not be confused with ''effectiveness'': a system that wastes most of its input power but produces exactly what it is meant to is effective but not efficient. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Conversion Efficiency
Energy conversion efficiency (''η'') is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation), or heat. The resulting value, ''η'' (eta), ranges between 0 and 1. Overview Energy conversion efficiency depends on the usefulness of the output. All or part of the heat produced from burning a fuel may become rejected waste heat if, for example, work is the desired output from a thermodynamic cycle. Energy converter is an example of an energy transformation. For example, a light bulb falls into the categories energy converter. \eta = \frac Even though the definition includes the notion of usefulness, efficiency is considered a technical or physical term. Goal or mission oriented terms include effectiveness and efficacy. Generally, energy conversion efficiency is a dimensionless number between 0 and 1.0, or 0% to 100%. Ef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Conversion Efficiency
Energy conversion efficiency (''η'') is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation), or heat. The resulting value, ''η'' (eta), ranges between 0 and 1. Overview Energy conversion efficiency depends on the usefulness of the output. All or part of the heat produced from burning a fuel may become rejected waste heat if, for example, work is the desired output from a thermodynamic cycle. Energy converter is an example of an energy transformation. For example, a light bulb falls into the categories energy converter. \eta = \frac Even though the definition includes the notion of usefulness, efficiency is considered a technical or physical term. Goal or mission oriented terms include effectiveness and efficacy. Generally, energy conversion efficiency is a dimensionless number between 0 and 1.0, or 0% to 100%. Ef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
X-inefficiency
X-inefficiency is the divergence of a firm’s observed behavior in practice, influenced by a lack of competitive pressure, from efficient behavior assumed or implied by economic theory. The concept of X-inefficiency was introduced by Harvey Leibenstein. X-Inefficiency is introduced in 1966 by the professor of Harvard University, Harvey Leibenstein's publication in the ''American Economic Review,'' named "Allocative efficiency vs. X efficiency". X-Inefficiency refer to the firm's production that fails to make full use of its resources, resulting reaches to the maximum possible level of output given the existing resources and environment, namely the efficiency frontier. X-inefficiency pin out irrational actions performed by firms in the market. Overview The difference between the actual and minimum cost of production for a given output produces X-inefficiency. Companies will incur X-Inefficiency as a result of lack of motivation to control its costs, which brings the average cost ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heat Engine
In thermodynamics and engineering, a heat engine is a system that converts heat to mechanical energy, which can then be used to do mechanical work. It does this by bringing a working substance from a higher state temperature to a lower state temperature. A heat source generates thermal energy that brings the working substance to the higher temperature state. The working substance generates work in the working body of the engine while transferring heat to the colder sink until it reaches a lower temperature state. During this process some of the thermal energy is converted into work by exploiting the properties of the working substance. The working substance can be any system with a non-zero heat capacity, but it usually is a gas or liquid. During this process, some heat is normally lost to the surroundings and is not converted to work. Also, some energy is unusable because of friction and drag. In general, an engine is any machine that converts energy to mechanical work. Heat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Efficiency
Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related: * Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose. * A situation is called Pareto-dominated if there exists a possible Pareto improvement. * A situation is called Pareto-optimal or Pareto-efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement. The Pareto front (also called Pareto frontier or Pareto set) is the set of all Pareto-efficient situations. Pareto originally used the word "optimal" for t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Inefficiency
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: * Allocative or Pareto efficiency: any changes made to assist one person would harm another. * Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also other definitions and measures. All characterizations of economic efficiency are encompassed by the more general engineering concept that a system is efficient or optimal when it maximizes desired outputs (such as utility) given available inputs. Standards of thought There are two main standards of thought on economic efficiency, which respectively emphasize the distortions created by ''governments'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Allocative Efficiency
Allocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing. Description In contract theory, allocative efficiency is achieved in a contract in which the skill demanded by the offering party and the skill of the agreeing party are the same. Resource allocation efficiency includes two aspects: # At the macro aspect, it is the allocation efficiency of social resources, which is achieved through the economic system arrangements of the entire society. # The micro aspect is the use efficiency of resources, which can be understood as the production efficiency of the organization, which can be improved through innovation and progress within the organizations. Although there are different standards of evaluation for the concept of allocative efficiency, the basic principle ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment Types
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * policies of the government * regulation and market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost for money through its moneta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productive Efficiency
In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. In simple terms, the concept is illustrated on a production possibility frontier (PPF), where all points on the curve are points of productive efficiency. An equilibrium may be productively efficient without being allocatively efficient — i.e. it may result in a distribution of goods where social welfare is not maximized (bearing in mind that social welfare is a nebulous objective function subject to political controversy). Productive efficiency is an aspect of economic efficiency that focuses on how to maximize output of a chosen product portfolio, without concern for whether your product portfolio is making goods in the right proportion; in misguided a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structural Unemployment
Structural unemployment is a form of involuntary unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap). Structural unemployment is often brought about by technological changes that make the job skills of many workers obsolete. Structural unemployment is one of three categories of unemployment distinguished by economists, the others being frictional unemployment and cyclical unemployment. Because it requires either migration or re-training, structural unemployment can be long-term and slow to fix. Causes and examples From an individual perspective, structural unemployment can be due to: * Inability to afford or decision not to pursue further education or job training. * Choice of a field of study which did not produce marketable job skills. * Inability to afford relocation. * Inability to relocate due to inability to sell a house (for example due to the coll ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
