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In some cases efficiency can be indirectly quantified with a non-percentage value, e.g. specific impulse. A common but confusing way of distinguishing between efficiency and effectiveness is the saying "Efficiency is doing things right, while effectiveness is doing the right things".
For example, Utica University in New York State holds that "an effective institution is characterized by a clearly defined mission that articulates who it serves, what it aspires to be, and what it values. Likewise, an effective institution has clear goals that are broadly communicated to its stakeholders". [6]
In statistics, efficiency is a measure of quality of an estimator, of an experimental design, [1] or of a hypothesis testing procedure. [2] Essentially, a more efficient estimator needs fewer input data or observations than a less efficient one to achieve the Cramér–Rao bound.
Energy efficiency has proved to be a cost-effective strategy for building economies without necessarily increasing energy consumption. For example, the state of California began implementing energy-efficiency measures in the mid-1970s, including building code and appliance standards with strict efficiency requirements.
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.
The first fundamental welfare theorem provides some basis for the belief in efficiency of market economies, as it states that any perfectly competitive market equilibrium is Pareto efficient. The assumption of perfect competition means that this result is only valid in the absence of market imperfections , which are significant in real markets.
Resource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted resource expenses.
Energy-efficiency standards have been expanded and strengthened for appliances, building equipment, and lighting. For example, appliances and equipment standards are being developed for a new range of devices, including reduction goals for "standby" power that keeps consumer electronic products in a ready-to-use mode. [10]