It helps to save time, money and effort, and increases efficiency. Which of the following is being referred to here?

Method

The correct answer is option 1 i.e. Method.

Methods provide the prescribed ways or manner in which a task has to be performed considering the objective. It deals with a task comprising one step of a procedure and specifies how this step is to be performed. The method may vary from task to task. Selection of proper method saves time, money and effort and increases efficiency.