efficiency

efficiency
The performance of an activity with an optimal use of resources and minimal waste. As one of the *Three E’s of Operational auditing, Flint (1988, 175, n.5) defines efficiency as "obtaining maximum useful output from the resources devoted to an activity; utilizing minimum resources necessary to achieve a required output or objective; or adopting the policy or course of action to achieve a required objective which requires least input of resources." Chambers and Rand (1997, 12) define efficiency in this context as "the ratio of actual inputs to actual outputs." Further reading: Radcliffe (1999)

Auditor's dictionary. 2014.

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