Management effective and efficiency
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effective refer to doing a task with minimum time
efficiency refer to reduction in cost
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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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