The best definition of efficiency is the ratio of useful output to total input, expressed as doing more with less waste, or achieving maximum productivity with minimum wasted effort, energy, time, or materials. In physics and engineering, efficiency is defined mathematically as useful energy output divided by total energy input, often expressed as a percentage, for example a furnace that is 95 percent efficient converts 95 percent of fuel energy into heat and loses 5 percent. In economics, efficiency means allocation of resources in a way that maximizes total value, where it is impossible to make one person better off without making another worse off, known as Pareto efficiency. In business, efficiency means achieving desired results with the least amount of cost and time while maintaining quality. A simple everyday definition is the ability to accomplish a task correctly and quickly without wasting resources. The key elements of any good definition include comparison of output to input, minimization of waste, and preservation of quality, because being fast but producing poor quality is not truly efficient, true efficiency balances speed, cost, quality, and resource use.
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