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.

Efficiency: It means performing the tasks correctly with the minimum cost. It involves an input-output relationship.

Effectiveness: It means finishing the tasks on time. It involves doing the required tasks, 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.