Which of the following statements best describes the term 'efficiency'?
A)A reduction in costs through better contracting.
B)Clarifying objectives and policies.
C)Greater outputs from the inputs.
D)Rationalisation of facilities.

Question

Quizplus · Accepted Answer

Efficiency refers to achieving greater outputs from the inputs, i.e., producing more with the same or fewer resources. A reduction in costs through better contracting (A) and rationalisation of facilities (D) can be means to achieve efficiency, but they do not represent the concept itself. Clarifying objectives and policies (B) can support efficiency, but it is not a direct synonym.

Which of the Following Statements Best Describes the Term 'Efficiency