Definition of Productivity
The definition of productivity according to blogspot.com//search?q=what-is-management-definitions-meaning">management skilful Peter Drucker.
“Productivity agency the residuum betwixt all blogspot.com//search?q=what-is-management-definitions-meaning">factors of production that volition laissez passer on the greatest output for the smallest effort.”
Productivity is expressed or measured every bit a mathematical segmentation of ii of import parameters (functions) viz., output together with input.
The concept of productivity is depicted inward the next illustration.
Image credits © Prof. Mudit Katyani.
Meaning of Productivity
Productivity is a human relationship betwixt output together with input. It is expressed or measured every bit a ratio of output together with input. In other words, it equals output divided past times input.
Some examples of productivity measuring are every bit follows:
- Productivity of a manufacturing unit of measurement tin survive measured inward damage of the publish of goods produced inward roughly fixed sum of fourth dimension (usually inward hours).
- Generally, productivity of a service blogspot.com//search?q=what-is-management-definitions-meaning">industry is measured inward damage of income generated past times an employee inside an blogspot.com//search?q=what-is-management-definitions-meaning">organization.
Nowadays, organizations laissez passer on to a greater extent than importance to productivity together with less importance to efficiency.
The iii top dog indicators of blogspot.com//search?q=what-is-management-definitions-meaning">higher productivity are every bit follows:
- Best utilization of the available human together with textile resources.
- Minimum wastage together with losses of materials.
- Quantitative together with qualitative blogspot.com//search?q=what-is-management-definitions-meaning">production of goods at lower cost.
