Inefficiency

Inefficiency occurs when resources such as time, money, or effort are not used in the best possible way to achieve a goal. It means there’s waste or a lack of optimality in processes, leading to higher costs or slower results than necessary. For example, a company that takes longer to produce a product or uses more materials than needed is operating inefficiently. Improving efficiency involves reducing waste, streamlining procedures, and making better use of resources to accomplish objectives more effectively and economically.