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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.
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 efficiency may refer to: Energy efficiency (physics), the ratio between the useful output and input of an energy conversion process Electrical efficiency, useful power output per electrical power consumed; Mechanical efficiency, a ratio of the measured performance to the performance of an ideal machine
Measurable energy conservation and efficiency gains in the 1980s led to the 1987 Energy Security Report to the President (DOE, 1987) that "the United States uses about 29 quads less energy in a year today than it would have if our economic growth since 1972 had been accompanied by the less- efficient trends in energy use we were following at ...
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.
An explanation of the difference between efficiency and (total factor) productivity is found in "An Introduction to Efficiency and Productivity Analysis". [1] To complicate the meaning, operational excellence , which is about continuous improvement, not limited to efficiency, is occasionally used when meaning operational efficiency.
The Bureau of Energy Efficiency is an agency of the Government of India, under the Ministry of Power, created in March 2002 under the provisions of the nation's 2001 Energy Conservation Act. [1] The agency's function is to encourage the efficient use of energy in India by developing programs to support it. [ 2 ]
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.