Performance improvement glossary > Defining value > What is value?
Search the glossary for performance improvement topics often loosely defined, confused, or prone to misinformation:
There are three components to value, when thinking about performance improvement:
- Effectiveness: covers the relationship between the intended and the actual results of a process or project.
- Efficiency: covers the relationship between the output of a process or project and the resources used to produce them.
- Economy: means minimizing the cost of resources used or acquired or paying as little as possible.
