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Efficiency is often measured as the ratio of useful output to total input, which can be expressed with the mathematical formula r=P/C, where P is the amount of useful output ("product") produced per the amount C ("cost") of resources consumed.
The efficiency ratio indicates the expenses as a percentage of revenue (expenses / revenue), with a few variations – it is essentially how much a corporation or individual spends to make a dollar; entities are supposed to attempt minimizing efficiency ratios (reducing expenses and increasing earnings). The concept typically applies to banks.
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 microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
The efficiency of the Diesel cycle is dependent on r and γ like the Otto cycle, and also by the cutoff ratio, r c, which is the ratio of the cylinder volume at the beginning and end of the combustion process: [4] = () The Diesel cycle is less efficient than the Otto cycle when using the same compression ratio.
The efficiency of a system in electronics and electrical engineering is defined as useful power output divided by the total electrical power consumed (a fractional expression), typically denoted by the Greek small letter eta (η – ήτα).
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
The player efficiency rating (PER) is John Hollinger's all-in-one basketball rating, which attempts to collect or boil down all of a player's contributions into one number. Using a detailed formula, Hollinger developed a system that rates every player's statistical performance.