Total factor productivity is the ratio of total value added and the total cost of inputs.

Productivity is a measure of the efficiency of production. Productivity is a ratio of what is produced to what is required to produce it. Usually this ratio is in the form of an average, expressing the total output divided by the total input. Productivity is a measure of output from a production process, per unit of input.

Productivity measures (such as output per worker-hour) and wage rates adjusted for inflation in the United States are:

Productivity may be defined as output produced per unit of input resources used. It is more a measurement of efficiency and performance of work managed rather than a tool of management. Improvement in productivity and that in efficient use of resources, may be considered one and the same thing.

However we may use measurements of productivity as a means of setting targets for and monitoring efficiency and performance. This definitely helps in inproving efficiency. In this way planning and monitoring of productivity can be considered an useful tool for improving efficiency.

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