Define Efficiency

question 82

Essay

Define efficiency. When is an organization said to be efficient?

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Definitions:

Supply Chain Management

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer, aiming to streamline a business's supply-side activities to maximize customer value and gain a competitive advantage.

Procurement Software

Software applications designed to automate purchasing processes, manage vendor relationships, and streamline the acquisition of goods and services.

Sales Increase

An upward movement in the quantity or revenue of products or services sold, indicating improved business performance or market demand.

ERP Systems

Enterprise Resource Planning systems integratemany business management and operation processes and facilitate the flow of information within an organization.