Examlex
Explain how Weber's least-cost theory explains industrial location.
Efficiency
Efficiency refers to the ability to accomplish a job with a minimum expenditure of time and resources. It is often used to describe the effectiveness of a process, system, or machine.
Effectiveness
The degree to which objectives are achieved and targeted problems are solved, in contrast to efficiency, which focuses on the resources required to achieve these objectives.
BPR
A strategy aimed at enhancing the efficiency and effectiveness of an organization's workflows, known as Business Process Reengineering.
BPI
Business Process Improvement, a strategic approach to identify, analyze, and improve existing business processes to meet new goals or standards of quality.
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