Chapter 1 Leveraging Risk to Determine Organizational Efficiency: Is High Performance a Reality or a Pipe Dream?
Why Efficiency Matters
Efficiency can be defined as, ‘A situation in which a person, company, factory, etc. uses resources such as time, materials, or labor well, without wasting any’ (1). In layman’s terms, efficiency is simply using the least amount of resources to accomplish a task. It’s common for thought leaders to consider efficiency synonymous with high performance. High performance can have different meanings based on the industry and area of focus. But, the premise is that it’s good for organizations to do more with less, eliminate waste and perform at higher levels. The end goal is ...
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