Productivity Definition
Productivity is often defined as a measure of output per unit of input. In other words, it is a way to quantify the efficiency of production. Productivity can be measured in terms of output per hour, output per worker, or output per machine.
In the business world, productivity is usually thought of in terms of how much output a company can produce with a given amount of input. For example, if a company has 10 workers and each worker produces 10 widgets per hour, then the company’s productivity is 100 widgets per hour. If the company then adds 2 more workers and each worker produces 12 widgets per hour, then the company’s productivity increases to 140 widgets per hour.
There are many factors that can affect productivity, such as technology, labor costs, raw materials costs, and economic conditions. When companies want to increase their productivity, they often invest in new technologies or training for their workers.
