Year: 2019
Type: article
Abstract: Speaking of efficiency as a key concept for any socio-economic activity, the focus is traditionally on economic efficiency, expressed in the „costs-effects (benefits)” correlation. Since every social activity is carried out with even more limited resources, the approach should be as to an economic activity. Moreover, “any purposeful activity in which the limited resources are allocated and combined between alternatives, as maximizing of the effect or cost minimization is possible” is considered as such. The ratio between costs and benefits of a resource or combination of resources to achieve a set, per-determined objective and on this basis the rationalization of the management decisions come to the fore. In this sense, the „cost-effect” correlation can be used as a „tool for planning; instrument for decision-making and environment for historical documentation of the decisions made” .
Author: Venelin Terziev
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2968652257