Answers:
Productivity is the ratio of output
and input.
Productivity refers to the amount of
products and services produced with the resources used. For a given time
period, productivity is measured as follows:
Productivity = Quantity of products or
services produced/Amount of resources used
It may be noted that mathematically
productivity emerges as a synonym of efficiency (both are a ratio between
output and input). Indeed, productivity of a production system is comparable to
the efficiency of a machine. Efficiency is a much narrower term. Productivity
is by and large a measure of the capacity to produce goods or services. It,
more elaborately, is a measure of how specific resources are managed to achieve
objectives as expressed in terms of quantity, quality, and time-frame. It would
be more accurate to understand productivity as a degree of effectiveness (doing
the right thing efficiently), as it is outcome-oriented and not just output-oriented.