Is it important for Management to achieve its objectives effectively and efficiently?

Yes, it is important for the management to achieve its objectives effectively and efficiently. Effectiveness and Efficiency are two sides of the same coin.

(i) Efficiency: It means performing the task correctly with the minimum cost. It involves a input-output relationship.

(ii) Effectiveness: It means finishing the task on time. It involves doing the required task, completing activities and achieving goals on time.

A management has to balance these two aspects. It has to achieve goals effectively on time with optimum utilisation of scarce resources.