Efficiency

Efficiency is a measure of the minimization of cost, time or other 'loss' in producing something. A process that is perfectly efficient takes no time, costs nothing and does no harm to anything.

In terms of 'who it's for', the main beneficiary are shareholders in the increased profit from the process. Employees benefit from sustained employment whilst customers may gain from reduced pricing.

Typical efficiency measures include:

Accuracy (meeting specified criteria)
Timeliness (delivered on time)
Budget % (over or under planned cost)

Efficiency often is paired with Effectiveness as overall key measures of process performance.

Efficiency

See also: