Practicing Success
Which of the following is correct about "Efficiency"? |
Focuses on optimum use of resources Involves cost benefit analysis Means doing the task correctly and with minimum cost All of the above |
All of the above |
OPTION 1-Focuses on optimum use of resources Efficiency means doing the task correctly and with minimum cost. There is a kind of cost-benefit analysis involved and the relationship between inputs and outputs. If by using less resources (i.e., the inputs) more benefits are derived (i.e., the outputs) then efficiency has increased. Efficiency is also increased when for the same benefit or outputs, fewer resources are used and less costs are incurred. |