Item efficiency is quite complicated, and one of the slowest learning in the league. It depends on Champions, composition, and the enemy.
There are mathematically ways to calculate how good an item is, but no body really uses that in real life.
For starter, there are 2 to 3 main stats every class of champion wants, for mages it's AP/CDR, for ADC it's AD/Attack speed/Crit, for Assassins it's AD/Armor Pen, or tanks it's HP/Armor/MR.
Usually you go for one item in your main stat, and one item in your secondary stat. If there is one item that gives it all, rush it first. If you are struggling to live, build a half item/full time in defensive against your opponent. If you are winning hard, double down in your main/secondary stat.