Question

‘Management aims at effectiveness and efficiency .’ Explain.

Answer 1

$.. Every management has aims to become effective and efficient. Effective means done the work in time. but efficient means done the work in time as well as in cost benefit. In this way Managements aims to become effective and efficient In other words done the task in time and also with cost benefits


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Answer 2

Successful businesses are those who that are very efficient. By efficiency we mean, those businesses that are able to use their resources in the most efficient manner for e.g efficient use of Land, labor, capital, entrepreneurship and are able to maximize production, use the workforce effectively and acquire profits.

On the other hand inefficiency leads to high business costs and misuse of workforce which leads to problems. Thus it is the job of the management to ensure that the company is being managed with effectiveness and efficiency.