Final answer:
Performance enhancement refers to systematic efforts to cut costs or improve products and services through innovation, economic efficiency, and environmental considerations. Examples include the privatization of government services and the design of greener, more efficient products by companies.
Step-by-step explanation:
A systematic effort to reduce the cost or improve the performance of services or products is known as performance enhancement. One example of this in a business context is through innovation, where a company may make incremental or radical changes to an existing product or process.
Similarly, increasing economic performance can involve goals such as economic efficiency, where resources are optimally used to produce goods and services. Firms may also aim to reduce environmental impacts and focus on making greener, more efficient products as part of their performance enhancement initiatives. This is evident in how companies like Amazon and Samsung strive to have environmentally conscious operations and products. In the context of government, performance enhancement could sometimes lead to privatization of services with the belief that the private sector can often deliver services more efficiently than government-operated systems.