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Definitions of Productivity
1. Productivity is the relationship between output generated by a production or service system and the input provided to create the output.
2. The efficient use of resources (land, labour, capital, materials, energy, information, time) in the provision of services and the manufacture of products.
3. The relationship between results and the time it takes to accomplish them.
The manager of a fashionable restaurant open Wednesday through Saturday says that the restaurant does about 31 percent of its business on Friday night, 26 percent on Saturday night
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Describe the expected-value decision rule.
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