"2024 is the year of efficiency"

Effectiveness is doing the right things, while efficiency is doing things right. Peter Drucker

• Managers need to understand what to manage, why it’s important, and how to do it. This is where the concepts of efficiency and effectiveness come in.
• By understanding the difference between these two, managers can achieve success.

Managers need to appreciate the way each affects an organization.

Efficiency

It is defined as the ability to accomplish something with the least amount of wasted time, money, and effort or competency in performance.

Efficiency is all about reducing the costs and resources required to execute tactics.

Effectiveness

It is defined as the degree to which something is successful in producing a desired result; success.

Effectiveness is about achieving strategic goals that align with the vision of the organization and drive more revenue.

Efficient teams:

• Focus on getting maximum output with the least amount of time and effort
• Use a methodical work process?
• Define and follow rules
• Embrace standardization and automation

Effective teams:

• Focus on doing the right things in the right way
• Are results-driven?
• Focus on the big picture
• Shift priorities as necessary?

My conclusion

Moheb Samy #dba_Moheb_research

Nowadays, cost often drives decisions in business, prioritizing efficiency over effectiveness. Actually, I didn't mean to mention the cost is financials only, but I'm also talking about the cost of time. Being efficient will save both money and time.

My business slogan for this year is "2024 is the year of efficiency"

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