Please tell me the difference between consumption and utilization. For example, if I say that utilization/consumption of teak wood in the marine industry.
utilization - use of teak wood in the marine industry
consumption - amount of teak wood used in the marine industry
Consumption means using, buying or eating something. If we don’t reduce our energy consumption, we will run out of fuel. Conspicuous consumption is buying something to show off.
Consumption is related to the verb consume, which means to eat, use, or buy. You will often read about consumption in terms of rate––how fast we are using up a particular resource. If you consume ten cookies in an hour, your rate of consumption is ten cookies an hour.
Utilization is a fancy way of saying “use.” A team’s utilization of a gym for practices might need to continue until it stops raining.
You can see the verb utilize in utilization. When you utilize something, you use it, whether it is a tool, like when you utilize a pen to write something down, or a skill or talent, like the speed you utilize when you run a race. So utilization is the act of using, like the utilization of your voice that enables you to sing a song.