Operating at minimum cost and time is referred to as ___________.Multiple ChoiceValue addedEfficiencyEffectivenessTrade-offsEconomies of scale

The correct answer is Efficiency.

Explanation:

Efficiency refers to the ability to accomplish a task using the least amount of resources, such as time and money. In operational contexts, achieving efficiency means maximizing outputs while minimizing inputs, therefore operating at minimum cost and time.

• Value Added refers to the enhancements a company gives its products or services before offering them to customers.
• Effectiveness is about achieving the desired outcome, regardless of cost and time.
• Trade-offs involve a balance between different aspects of a decision where gains in one area may lead to losses in another.
• Economies of scale refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.

Thus, the best fit for the definition provided in the question is Efficiency.