Efficiency

What does efficiency mean?

Efficiency refers to being goal-oriented and means ensuring that an effort is carried out with the least possible amount of time or money. A measure can sometimes be efficient, but that doesn't always mean it's effective.

Effective refers to being goal-achieving and means that an effort ensures the goal is reached.

Within an organization, effective and efficient processes contribute to sustainability. This is because it leads to the least loss of time, energy, money, and resources/materials.

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Also read Successful entrepreneurship can be learned.