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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.
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 ...
Economists use the word money to mean very liquid assets which are held at any moment in time. [3] [6] The units of measurement are dollars or another currency, with no time dimension, so this is a stock variable. There are several technical definitions of what is included in "money", depending on how liquid a particular type of asset has to be ...
Common energy efficiency label on appliances to indicate their energy efficiency in a clear manner. Efficient energy use, or energy efficiency, is the process of reducing the amount of energy required to provide products and services. There are many technologies and methods available that are more energy efficient than conventional systems.
Efficiency is the extent to which time or effort is well used for the intended task or purpose. Efficiency may also refer to: Efficiency (aerodynamics), the amount of lift divided by the aerodynamic drag; Efficiency (apartment), a one-room apartment; Efficiency (basketball), a statistical benchmark to compare the overall value of players
root mean square The root mean square value of a waveform is the DC value that corresponds to equivalent heating value. rotary converter An electric machine that converts electric power between two forms, say, AC and DC or single-phase and three phase, or between two different frequencies of AC (the latter two can be performed by the same machine).
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.
An alternative to relative efficiency for comparing estimators, is the Pitman closeness criterion. This replaces the comparison of mean-squared-errors with comparing how often one estimator produces estimates closer to the true value than another estimator.