The production process is the creative endeavor at the heart of every successful organization. The corporate landscape is littered with examples of firms that once introduced innovative products only to see their early lead and dominant position eroded by more efficient rivals. A number of firms have also fallen prey to the mistake of succeeding at being the low-cost producer in a vanishing market. Productive efficiency is not simply about what or how to produce; it is about both.
Maximum output that can be produced for a given amount of input
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