Question

Q9 A successful - Enterprise has to achieve its goals effectively and efficiently? Explain?

Answer 1

Thank you for this question, Please find the answer below: 

Management is an important part of the organisation which signifies a successful enterprise from the rest. Management is stated as the set of tools and methods used to reach the goals set for the enterprise. It is essential to reach the set goals in order to gain maximum profit. 

If the enterprise is unable to reach its goals effectively and efficiently it is unable to gain profit and by that it gets loss and is unable to succeed. 

Hence, it is evaluated that is essential for a successful enterprise to reach its goals effectively and efficiently. 

Answer 2

SOLUTION :  

A successful enterprise has to achieve its goals effectively and efficiently :  

The purpose of management is to achieve the goals or objectives set for the organisation . These goals have to be achieve effectively and efficiently.  

While efficiency means attaining objectives with specified cost , effective means achieving goals within specific time limit.

For example :  

A company's target is to produce 5000 units of goods per year at a cost of  ₹ 5 per unit.  In order to achieve the target he employs extra labour force which results in increasing the cost per unit to ₹ 5.50 . Thus , the manager is effective but not efficient.

If, however he works with the same manpower to keep the cost at ₹ 5 per unit. He is unable to attain target in a year. Thus, he becomes ineffective.

Therefore, in order to be successful, it is necessary that he is efficient and effective in his operations at the same time.

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