An Investigation into the Notion of “Efficiency”

Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


In this work we make the research concerning the subject of defining the essence of the concepts “efficiency” and “efficiency of investment project.” We present and summarize the achieved result on the problem of evaluating the efficiency of investment projects before the carrying special survey. The research technique is the analysis of existing definitions, techniques, criteria, and parameters of the effectiveness evaluation (literary review). We analyzed a number of the most quoted sources from the Scopus database, and articles have been recently published and indexed in Scopus. Based on the analysis, we reveal the essence of the concept “efficiency,” being defined in the articles. As a result, the signs and definition of the “efficiency” concept are refined. Also the work helps to observe the tendency in the process of evaluating of investment projects efficiency which is realized in solving of an optimization problem simultaneously taking into consideration noneconomic and economic parameters. It is established that the criterion “energy efficiency,” as a special case of an economic criterion, is more relevant and used in the evaluation of investment projects.


Efficiency Efficiency of investment project Assessment efficiency Energy efficiency 


  1. Abdibekov, S. U., Bedelbayeva, A. E., Akhmetova, Z. S., Burnasheva, V. R., & Syzdykbayeva, N. B. (2014). Analysis and improvement of methods of management by investment risks. Life Science Journal, 11(1), 158–162.Google Scholar
  2. Belousov, M. V., Sirotkin, S. A., & Rakipov, D. F. (2014). Technical and economic peculiarities of magnesium production in Russia. Tsvetnye Metally, 6(1), 68–76.Google Scholar
  3. BenHajyoussef, A., Ezzedine, T., & Bouallègue, A. (2017). Gradient-based pre-processing for intra prediction in high efficiency video coding. Eurasip Journal on Image and Video Processing, 2017(1), 9.
  4. Cagolov, N. A., Rumjancev, A. M., & Hachaturov, T. S. (1970). The course of political economy. T. 2: Socializm. Moscow: Jekonomika.Google Scholar
  5. Cai, C., Qiu, R., Jiang, X.-Q., & Xu, W. (2017). Adaptive wireless transmission strategy for maximizing energy efficiency. EURASIP Journal on Wireless Communications and Networking, 2017(1), 20.
  6. Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429. CrossRefGoogle Scholar
  7. Chen, H., & Zhao, F. (2017). A hybrid half-duplex/full-duplex transmission scheme in relay-aided cellular networks. EURASIP Journal on Wireless Communications and Networking, 2017, 1.
  8. Chistov, L. M. (2005). The theory of efficient management of socio-economic systems. SPb.: Asterion.Google Scholar
  9. Definition of “efficiency”. Collins Dictionary. (n.d.). Retrieved March 4, 2017, from
  10. Emelichev, V., & Karelkina, O. (2015). Stability radius bounds in multicriteria markowitz portfolio problem with venturesome investor criteria. Buletinul Academiei de Stiinte a Republicii Moldova. Matematica, 77(1), 83–94.Google Scholar
  11. Gibson, D. L., Ivancevich, D. M., & Donnelli, D. H. (2000). Organizations: Behavior, structure, processes (8th ed.). Moscow: INFRA-M. Retrieved from
  12. Gizatullin, H. N. (2003). On the problem of the creation of enterprise management systems in transition economies. In Proceedings of the all-Russian symposium on economic theory (pp. 31–44). Ekaterinburg: Institute of Economics of UB RAS.Google Scholar
  13. Grynkiewicz, G., Poenie, M., & Tsien, R. Y. (1985). A new generation of Ca2+ indicators with greatly improved fluorescence properties. Journal of Biological Chemistry, 260(6), 3440.Google Scholar
  14. Guo, S.-Y., & Si, Q. (2017). Embedded protocols based on the crowd petri networks and opportunistic bandwidth allocation. EURASIP Journal on Embedded Systems, 2017(1), 17.
  15. Khasanova, A. S., Kvon, G. M., Yakupova, N. M., Khamidullin, F. F., & Samysheva, E. Y. (2015). Assessment of efficiency of capital investment project implementation of resource-saving technology for the real sector of the economy in Tatarstan Republic. Mediterranean Journal of Social Sciences, 6(2), S3.
  16. Klimchik, A., Ambiehl, A., Garnier, S., Furet, B., & Pashkevich, A. (2017). Efficiency evaluation of robots in machining applications using industrial performance measure. Robotics and Computer-Integrated Manufacturing, 48, 12. CrossRefGoogle Scholar
  17. Kosov, V. V., Livshic, V. N., & Shahnazarova, A. G. (2000). Metodicheskie rekomendacii po ocenke jeffektivnosti investicionnyh proektov [methodical recommendations according to efficiency of investment projects] (2nd ed.). Moscow: Jekonomika.Google Scholar
  18. Kresse, G., & Furthmüller, J. (1996). Efficiency of ab-initio total energy calculations for metals and semiconductors using a plane-wave basis set. Computational Materials Science, 6(1), 15.
  19. Kresse, G., & Joubert, D. (1999). From ultrasoft pseudopotentials to the projector augmented-wave method. Physical Review B: Condensed Matter and Materials Physics, 59(3), 1758–1775.Google Scholar
  20. Kudryavtseva, T. J., & Kuporov, J. J. (2015). Evaluation of social and economic efficiency of investments in public utility services. Asian Social Science, 11(19), 151–158.
  21. Kvon, G. M., Khamidullin, F. F., Samysheva, E. Y., Vaks, V. B., & Mararov, N. V. (2016). Methods of evaluating the efficiency of energy saving projects with taking risks into account. International Journal of Environmental and Science Education, 11(15), 7441.Google Scholar
  22. Makara, A., Smol, M., Kulczycka, J., & Kowalski, Z. (2016). Technological, environmental and economic assessment of sodium tripolyphosphate production – A case study. Journal of Cleaner Production, 133, 243.
  23. Novozhilov, V. V. (1972). Measurement problems the costs and results in optimal planning. Moscow: Nauka.Google Scholar
  24. O’Regan, B., & Grätzel, M. (1991). A low-cost, high-efficiency solar cell based on dye-sensitized colloidal TiO2 films. Nature, 353(6346), 737.CrossRefGoogle Scholar
  25. Pareto efficiency. (2017). Retrieved March 4, 2017, from
  26. Pfaffl, M. W. (2001). A new mathematical model for relative quantification in real-time RT-PCR. Nucleic Acids Research, 29(9), e45.CrossRefGoogle Scholar
  27. Pimenov, S. V. (2005). Problems of application of the theory of economic efficiency in the actual process of making investment decisions. Vestnik INZhJeKONa. «Jekonomika» [Bulletin of ENGECON. “Economics”], 4(9), 25–30.Google Scholar
  28. Platt, J. M., Keyes, K. M., & Galea, S. (2017). Efficiency or equity? Simulating the impact of high-risk and population intervention strategies for the prevention of disease. SSM – Population Health, 3, 1. CrossRefGoogle Scholar
  29. Plimpton, S. (1995). Fast parallel algorithms for short-range molecular dynamics. Journal of Computational Physics, 117(1), 1. CrossRefGoogle Scholar
  30. Puryaev, A. S. (2009). Theory and methodology compromise efficiency assessment of investment projects in mechanical engineering. Autoabstract of Doctoral Dissertation, 39. Retrieved from
  31. Puryaev, A. S. (2011). Compromise efficiency assessment of investment projects. Research and development. Saarbrücken: LAP LAMBERT Academic Publishing. Retrieved from
  32. Saitou, N., & Nei, M. (1987). The neighbor-joining method: A new method for reconstructing phylogenetic trees. Molecular Biology and Evolution, 4(4), 406.Google Scholar
  33. Sidorov, I. I. (2001). Logisticheskaja koncepcija upravlenija predprijatiem [Logistic concept of enterprise management]. SPb.: «Znanie».Google Scholar
  34. Starik, D. J. (1983). Economic efficiency of the equipment. Moscow: Mashinostroenie.Google Scholar
  35. Strumilin, S. G. (1958). About economic efficiency of the new equipment. Moscow: AN SSSR, VSNTO.Google Scholar
  36. Szymszal, J., Lis, T., Gajdzik, B., & Klis, J. (2014). Analysis of the possibility of using dynamic methods for assessment of investment projects in the domestic foundry industry. Archives of Foundry Engineering, 14(3), 103.
  37. Tamura, K., Peterson, D., Peterson, N., Stecher, G., Nei, M., & Kumar, S. (2011). MEGA5: Molecular evolutionary genetics analysis using maximum likelihood, evolutionary distance, and maximum parsimony methods. Molecular Biology and Evolution, 28(10), 2731.
  38. Tang, C. W., & Vanslyke, S. A. (1987). Organic electroluminescent diodes. Applied Physics Letters, 51(12), 913.
  39. Tsushko, V. V. (2014). The influence of property rights protection on foreign direct investment inflow. Actual Problems of Economics, 156(6), 539–543.Google Scholar
  40. Xu, J., Wang, Z., Li, W., Zhang, X., He, D., & Xiao, X. (2017). Ag nanoparticles located on three-dimensional pine tree-like hierarchical TiO2 nanotube Array films as high-efficiency Plasmonic Photocatalysts. Nanoscale Research Letters, 12(1), 54.
  41. Yan, X., Zhang, C., Wang, J., Zhang, X., & Ren, X. (2017). A high-efficiency Si nanowire Array/Perovskite hybrid solar cell. Nanoscale Research Letters, 12(1), 14.
  42. Zavlin, P. N., Vasil’ev, A. V., & Knol’, A. I. (1995). Ocenka jekonomicheskoj jeffektivnosti investicionnyh proektov (sovremennye podhody) [Estimation of economic efficiency of investment projects (modern approaches)]. SPb: Nauka.Google Scholar
  43. Zenkovich, M. V., & Drevs, Y. G. (2015). An application of simulation for foundry plants investment projects estimation of efficiency. International Journal of Mathematical Models and Methods in Applied Sciences, 9(1), 99–104.Google Scholar
  44. Zhang, Z.-L., Li, J.-F., Wang, X.-L., Qin, J.-Q., Shi, W.-J., Liu, Y.-F., Gao HP Mao, Y.-L. (2017a). Enhancement of Perovskite solar cells efficiency using N-doped TiO2 Nanorod arrays as electron transfer layer. Nanoscale Research Letters, 12(1), 43.
  45. Zhang, Z. L., Men, B. Q., Liu, Y. F., Gao, H. P., & Mao, Y. L. (2017b). Effects of precursor solution composition on the performance and I-V hysteresis of perovskite solar cells based on CH3NH3PbI3-xClx. Nanoscale Research Letters, 12(1), 84.

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Kazan Federal UniversityKazanRussia

Personalised recommendations