efficiency in production
21production system — ▪ industrial engineering Introduction any of the methods used in industry to create goods and services from various resources. Underlying principles All production systems, when viewed at the most abstract level, might be said to be… …
22efficiency — A measure of the ability of an organization to produce and distribute its product. In accounting terms it is quantified by a comparison of the standard hours allowed for a given level of production and the actual hours taken. This represents the… …
23Efficiency of conversion — The efficiency of conversion of ingested food to body substance (ECI), can be used to compare the weight different animals gain after eating a certain quantity of feed. Effectively represents efficiencies of both digestion (approximate… …
24Efficiency — A level of performance that describes a process that uses the lowest amount of inputs to create the greatest amount of outputs. Efficiency relates to the use of all inputs in producing any given output, including personal time and energy.… …
25Production orientation — A production orientation dominated business thought from the beginning of capitalism to the mid 1950 s, and some argue it still exists in some industries. Business concerned itself primarily with production, manufacturing, and efficiency issues.… …
26production cost variance — In standard costing, the variance arising when the standard cost of the actual production is compared with the actual cost incurred. If the standard cost is higher than the actual cost a favourable variance arises, while if the actual cost… …
27production cost variance — In standard costing, the variance arising when the standard cost of the actual production is compared with the actual cost incurred. If the standard cost is higher than the actual cost a favourable variance arises, while if the actual cost… …
28efficiency — noun (plural cies) Date: 1633 1. the quality or degree of being efficient 2. a. efficient operation b. (1) effective operation as measured by a comparison of production with cost (as in energy, time, and money) (2) the ratio of the useful energy… …
29efficiency ratio — A ratio that measures the efficiency of labour or an activity over a period by dividing the standard hours allowed for the production by the actual hours taken. It is usually expressed as a percentage, using the formula: (standard hours allowed × …
30efficiency ratio — A ratio that measures the efficiency of labour or an activity over a period by dividing the standard hours allowed for the production by the actual hours taken. It is usually expressed as a percentage, using the formula: (standard hours allowed × …
