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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]
Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task.In a more general sense, it is the ability to do things well, successfully, and without waste.
Historically, finite-sample efficiency was an early optimality criterion. However this criterion has some limitations: Finite-sample efficient estimators are extremely rare. In fact, it was proved that efficient estimation is possible only in an exponential family, and only for the natural parameters of that family. [7]
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.
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.
Common frameworks associated with operational excellence include: lean management and Six Sigma, which emphasize efficiency, waste reduction, and quality improvement. Organizations that adopt these practices may report increased customer satisfaction and operational efficiency. [1] [2] [3]
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.