Search results
Results from the WOW.Com Content Network
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 .
Useful output energy is always lower than input energy. Efficiency of power plants, world total, 2008. Energy conversion efficiency (η) is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation ...
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.
In mechanical engineering, mechanical efficiency is a dimensionless ratio that measures the efficiency of a mechanism or machine in transforming the power input to the device to power output. A machine is a mechanical linkage in which force is applied at one point, and the force does work moving a load at another point.
Efficiency = input / output [1] If expenses are $60 and revenue is $80 (perhaps net of interest revenue/expense) the efficiency ratio is 0.75 or 75% (60/80) – meaning that $0.75 are spent for every dollar earned in revenue.
If energy output and input are expressed in the same units, efficiency is a dimensionless number. [1] Where it is not customary or convenient to represent input and output energy in the same units, efficiency-like quantities have units associated with them. For example, the heat rate of a fossil fuel power plant may be expressed in BTU per ...
Capacity utilization or capacity utilisation is the extent to which a firm or nation employs its installed productive capacity (maximum output of a firm or nation). It is the relationship between output that is produced with the installed equipment, and the potential output which could be produced with it, if capacity was fully used. [1]
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important ...