Efficiency represents how much of the input given to a process/machine is converted to useful output.
Importance of Efficiency
By calculating efficiency, we can know how much amount of input given to a process is converted to a useful output and how much input is wasted without converting into useful output.
This knowledge will helps us to know how much money is wasted in a process and it will leads to initiating projects which will improve efficiency and reduce wastage.
How to calculate Efficiency
Efficiency calculation is different for different type of process or resources, but the basics is same.
The basics of efficiency calculation
Input given = Input used for creating output + Wasted input
Efficiency calculation
Efficiency = Input used for creating output / Input given
Unit of efficiency
Usually efficiency is said in percentage.
If wasted input is zero, efficiency will be 100%
Example of efficiency calculation
As an example we can take a molding process of plastic parts.
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