According to the Bureau of Labor Statistics, labor productivity is a measure of the efficiency of the labor used in the production of goods for a nation or company. This is derived by dividing the value of the goods prod... More »

The formula for productivity is: total productive hours divided by the total output equals the total labor productivity. For example, if the total productive hours were 100 and the total output was $5, 5 divided into 100... More »

Labor-saving devices are inventions that reduce the time and effort needed to perform or complete a task. Farm equipment, home appliances and construction equipment are examples of mechanical inventions that save time an... More »

The items that make up the cost of goods sold are the materials, equipment and labor that go into creating the goods. Many marginal cost items affect the actual cost of producing and selling items. More »

Work out a profit margin by dividing a measure of the company's profitability by the revenue, or sales, figure. There are a few different calculations for profit margins, depending on what data is required More »

Some advantages of the division of labor include increased worker efficiency and lower production costs, while some disadvantages include decreases in employee motivation and individual workers slowing the production pro... More »

Industrial engineers analyze methods and processes associated with the production of goods and services to increase efficiency while decreasing financial, material or workforce waste. Industrial engineers work in a varie... More » Business & Finance Careers Career Aspirations