Question -
Answer -
Management is defined as the process of getting things done with the purpose of achieving goals efficiently and effectively. The terms effective and efficient are key terms in management and play an important role in the functioning of management.
Effectiveness refers to the process of completion of a given work in the time provided. It is the process of doing a task with primary focus on end result. It is considered a very important aspect of management which helps in achieving goals. Efficiency is the process of completing a given task with minimal use of resources and cost.
For an organisation to be successful, both these factors play a critical role to meet the objectives of the organisation. Effectiveness helps in achieving the defined goals while efficiency helps in achieving that with minimum resources and cost. Reducing the cost and resources brings profits for the organisation and also increases it. Therefore, it is very essential for an organisation to focus on both effectiveness and efficiency. It is important to complete the work in time along with minimum resources. Similarly, it is essential to reduce cost of production and finish the production at the decided time. Hence, successful companies need to be both efficient and effective at the same time in order to gain profits in the long run.