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Both terms are different and are of great importance for a business. Further determining the reasons behind higher levels of efficiency and effectiveness is among area of interest for business…
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Download file to see previous pages It is important for business managers to understand the difference between efficiency and effectiveness. There is a minor difference between efficiency and effectiveness. Following is the definition and difference between efficiency and effectiveness:
Efficiency: With respect to workplace it r refers to the time to perform a work with less time and more accuracy. For example, if a person writes one page with accuracy in 20 minutes and his counterpart writes the same page with same accuracy in half an hour. Then the person that takes just 20 minutes to write a page with the same accuracy that his colleague writes in 30 minutes is more efficient.
Effectiveness: with respect to workplace it refers the level of results from the work of employees or managers. In effectiveness the emphasis is on quality rather than on time. In businesses, sometimes quality is more important than time. So in such case it does not matter if someone finishes a work in 20 minutes or 30 minutes. It is the effectiveness of the results that matter.
Difference: Efficiency is a work done per unit time whereas, effectiveness is a work done over a comparatively more period of time. Efficiency is based on quality of work and time taken to complete that work. On the other hand, effectiveness is more focused on quality and less focused on the time.
Answer: There is no denying of the fact that all businesses are interested in achieving higher levels of efficiency and effectiveness. There are numerous reasons behind this interest of businesses. Following are main three reasons behind this:
2. The quest of higher levels of efficiency and effectiveness make a sense of responsibility in employees and merit for promotion and benefits of employees are determined through efficiency and effectiveness.
Answer a: For conducting financial analysis using accounting ratios, Visa Inc. has been selected. Visa Inc. is a global ...Download file to see next pagesRead More
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