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- It means producing the maximum possible output from a minimum quantity of inputs. In other words, an organization is technically efficient when it cannot produce more output without increasing the amount of inputs or, conversely, cannot reduce its inputs without decreasing the output.
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Jun 28, 2019 · Diagrams, definitions and clear explanations for different types of efficiency. Including productive, allocative, x-efficiency, technical efficiency, social, efficiencies of scale, Pareto efficiency.
Technical efficiency is the effectiveness with which a given set of inputs is used to produce an output. A firm is said to be technically efficient if a firm is producing the maximum output from the minimum quantity of inputs, such as labour, capital, and technology.
a decision based only on a specific rule or rules and not on any other consideration: The case was dismissed on a technicality and will be retried at a later date. (Definition of technicality from the Cambridge Academic Content Dictionary © Cambridge University Press) Examples of technicality. technicality.
Feb 2, 2016 · These pages bring together a comprehensive list of economic terms related to and used within ONS releases. As such, they provide a valuable resource to aid users’ understanding and interpretation...
Sep 8, 2024 · Technical efficiency refers to an entity’s ability to maximize output with a given set of inputs, such as labor, capital, and technology, without wasting resources. It means producing the maximum possible output from a minimum quantity of inputs.
Dec 22, 2009 · By technology, we can mean a body of understanding of cause and effect in human minds, as with the codified realisations of productive knowledge in operating manuals, blueprints, recipes, scientific papers and so on; the capacities and skills that permit action, whether individually or in cooperation with others, not all of which will be written...
There are three meanings listed in OED's entry for the noun technicality. See ‘Meaning & use’ for definitions, usage, and quotation evidence.
