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An efficient project achieves the most productivity while using only the resources necessary (resources are things like funds, time, human capital, etc).
To do a quick efficiency test, look at (or create) your RACI charts. This will give you a list of who was responsible for which task (too many people shouldn't be responsible for the same task), who was accountable for which task (one person shouldn't be accountable for too many tasks), and so on and so forth.
You can then map out how many tasks were over-assigned, and how many people were over or under-utilized.
Hope that helps a little bit.
-Adil
The only way for finding the efficiency is by calculation Cost Performance Index (CPI), Shedule Performance Index (SPI, Cost Variance, Shedule variance. This Formulas are included all the costs (manpower, material, machinery)