economic efficiency
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economic efficiency
The relationship between the benefit or return achieved and the effort or costs required for it. High economic efficiency means that a large benefit is achieved with little effort.
Vor der großen Investition prüfte das Unternehmen sorgfältig die Wirtschaftlichkeit des Projekts.
Before making the large investment, the company carefully examined the economic efficiency of the project.
The word is derived from the adjective 'wirtschaftlich' (economic/economical). The ending '-keit' turns adjectives that describe a quality into a noun that represents that quality as a concept.
Die Wirtschaftlichkeit ist ein entscheidendes Kriterium für die Auswahl der Methode.
Economic efficiency is a decisive criterion for choosing the method.
'Wirtschaftlichkeit' (economic efficiency) is often used with verbs that express analysis or evaluation. Typical combinations are 'die Wirtschaftlichkeit prüfen' (to examine economic efficiency), 'berechnen' (to calculate), 'bewerten' (to evaluate), or 'erhöhen' (to increase).
Ein Experte soll die Wirtschaftlichkeit der Baumaßnahme prüfen.
An expert is supposed to examine the economic efficiency of the construction measure.
To say what the economic efficiency of something is being evaluated, German usually uses the genitive or the preposition 'von' (of/from). For example, 'die Wirtschaftlichkeit des Projekts' (the economic efficiency of the project) or 'die Wirtschaftlichkeit von diesem Vorgehen' (the economic efficiency of this approach).
Die Wirtschaftlichkeit der neuen Software ist noch nicht bewiesen.
The economic efficiency of the new software has not yet been proven.
efficiency
Effizienz and Wirtschaftlichkeit relate a result to the necessary effort. Effizienz can concern different resources, such as time or energy. Wirtschaftlichkeit explicitly considers whether the benefit or return is in a favorable relationship to the effort or costs.
Die neue Anlage verbessert die Wirtschaftlichkeit, weil ihr Ertrag deutlich über den laufenden Kosten liegt.
The new system improves economic efficiency because its return is significantly higher than its operating costs.
Die neue Anlage verbessert die Effizienz, weil sie für dieselbe Leistung weniger Energie braucht.
The new system improves efficiency because it requires less energy to deliver the same output.
