producing a desired result without waste. Efficiency is concerned with how well a task is performed. Effectiveness deals with the necessity of the task itself. Efficiency answers the question, "Are we doing things right?" (See Effectiveness and Productivity).
the ability to produce good results without wasting time or resources; in financial theory, the fact that all new information is rapidly communicated, understood by market participants, and incorporated into prices.
(ef FI cien cy) n: the quality or fact of producing the desired effect with minimum effort, expense, or waste The commander is permitted greater efficiency and effectiveness by echeloning more than one command and control element.