The statement is False.
Efficiency, in a general sense, refers to the ability to accomplish a task with the least amount of wasted resources, including time, materials, and effort. While it’s commonly associated with cost reduction and optimized processes, saying it only pertains to producing maximum output with minimal costs oversimplifies the concept.
True efficiency includes achieving the desired output while also considering quality and the effective use of resources. A process could be cost-effective but might not be efficient if it compromises on quality or leads to waste in other areas. Therefore, efficiency encompasses a broader scope beyond just output and cost.