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Economic Efficiency in Practice

In: Principles of Management

Author

Listed:
  • Peter Eichhorn

    (OPINIO Forschungsinstitut)

  • Ian Towers

    (SRH Hochschule Berlin)

Abstract

This chapter is concerned with how to apply the concepts of economic efficiencyEconomic efficiency and effectiveness in practice. Various areas of activity are discussed—procurementProcurement , transport, inventory managementInventory management , manufacturing, administration and marketing—and in each case ways in which business entities can carry out the activities in an economically efficient way are described, and the appropriate tools are presented. The chapter additionally pays particular attention to the ecological environment and describes the circular economyCircular economy , an approach to doing business that makes the production and consumption of goods part of a cycle.

Suggested Citation

  • Peter Eichhorn & Ian Towers, 2018. "Economic Efficiency in Practice," Springer Texts in Business and Economics, in: Principles of Management, chapter 8, pages 243-262, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-70902-4_8
    DOI: 10.1007/978-3-319-70902-4_8
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