Ans:
Efficiency in production is important to measure the idle time wasted during production. With the data at our disposal, an Operational strategy can be formulated to reduce idle time and ways to increase productivity. However, the Following is the efficiency formula -
Efficiency% = (Total minutes produced multiplied by 100)/ (Total hours worked multiplied by 60)
To express in percentage, the above formula is multiplied by 100 and 60 to turn hours into minutes.