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Efficiency is very often confused with effectiveness. In general, efficiency is a measurable concept, quantitatively determined by the ratio of useful output to total useful input. Effectiveness is the simpler concept of being able to achieve a desired result, which can be expressed quantitatively but does not usually require more complicated ...
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.
In management, effectiveness relates to getting the right things done. Peter Drucker reminds his readers that "effectiveness can and must be learned". [4] The term "institutional effectiveness" has been widely adopted within higher education settings [5] to assess "how well an institution is achieving its mission and goals". [6]
Unlike efficacy (effectiveness), which is a unit of measurement, efficiency is a unitless number expressed as a percentage, requiring only that the input and output units be of the same type. The luminous efficiency of a light source is thus the percentage of luminous efficacy per theoretical maximum efficacy at a specific wavelength.
The efficient or moving cause of a change or movement. This consists of things apart from the thing being changed or moved, which interact so as to be an agency of the change or movement. For example, the efficient cause of a table is a carpenter, or a person working as one, and according to Aristotle the efficient cause of a child is a parent.
In most cases, ETFs are more tax efficient than mutual funds but also offer lower fees and flexibility. ETFs can be traded during market hours and update holdings on a daily basis so investors ...
Overall equipment effectiveness [1] (OEE) is a measure of how well a manufacturing operation is utilized (facilities, time and material) compared to its full potential, during the periods when it is scheduled to run. It identifies the percentage of manufacturing time that is truly productive.
The main difference between marginal and effective tax rates is that marginal rates apply to the last dollar of taxable income you earn, whereas effective tax rates apply to your entire income.