Define productivity.Ripunjay Tiwari
Ans. Productivity is nothing but the reduction in wastage of resources. It may be defined as the ratio between output and input. Output means the amount produced or the number of items produced and inputs are the various resources employed, e.g., land and building, equipment and machinery, materials, labour etc. The most common unit of input is “Man-hour” of working time and productivity due to this factor is known as “labour productivity”. Productivity can also be defined as human Endeavor (effort) to produce more and more with less inputs of resources as a result of which the benefits of production may be distributed more equally among maximum number of people. According to European Productivity Agency (EPA), “productivity is an attitude of mind. It is a mentality of progress of the constant improvement of that which exists. It is certainty of being able to do better today than yesterday,
and continuously. It is the constant adaptation of economic and social life to changing conditions, it is a continual effort to apply new techniques and methods, it is the faith in human progress.” in the words of V.K.R. Menon, “productivity implies development of an attitude of mind and a constant urge to find better, cheaper, easier, quicker and safer means of doing a job, manufacturing a product and providing a service”. Labour productivity is expressed as
P = O/M
where, P = Labour productivity
0 = Unit of output
M = Man-hour or efforts input.