Efficiency

Efficency is ceating more output with the same inputs or the same output with less inputs.

Inputs: land, labour and capital - the raw materials, people and assets used in production Outputs: the products - which can be goods or services

The focus of efficiency is often on value for money for the customer and aims to build a reputation for quality and therefore to achieve customer loyalty and satisfaction.

Methods of increasing efficiency:

CAD CAM CIM Computer based stock control EPOS Automation