efficiency vs effectiveness
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Efficient (adj.) – Performing or functioning in the best possible manner with the least waste of time and effort. The difference between effectiveness and efficiency can be summed up shortly, sweetly and succinctly – Being effective is about doing the right things, while being efficient is about doing things right.
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Effectiveness and efficiency are the two sides of the same coin.These two aspects need to be balanced and management at times,has to compromise with efficiency. For example it is easier to be effective and ignore efficiency i.e, complete the given task but at a higher cost.
Therefore,it is important for management to achieve goals with minimum resources i.e,as efficiently as possible while maintaining a balance between effectiveness and efficiency.
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