IGNOU PGDHHM 2 2016 - Techniques of Economic Efficiency.

Question

Techniques of Economic Efficiency.

20 Jun 2017

Answer :

Word Count : 764

Techniques of Economic Efficiency are-

simple ratio analysis;
unit cost analysis;
stochastic frontier analysis (SFA); and
data envelopment analysis (DEA).

Simple ratio analysis

Each simple ratio is limited to a comparison of two variables, one measuring an input quantity and another measuring an output quantity. To deal with situations where multiple outputs are produced using multiple inputs, a suite of ratios are calculated. The selection of input and output variables, and hence partial efficiency indicators, depends largely on the intended breadth of analysis and data availability. By itself, ratio analysis cannot identify the appropriate set of comparators for aparticular observation. Like-with-like comparisons rely on the grouping of comparable production units based on prior information about them. To determine any effect of environmental factors on efficiency, ratio estimates need to be analysed using other statistical tools — such as regression or variance analysis.

Unit cost analysis

Unit costs are input costs divided by an output variable. A unit cost measure can be viewed as a single indicator of efficiency using input prices as weights to combine multiple ratios of different inputs to a particular output. Depending on the coverage of inputs, unit cost measures may

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