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Efficiency and Effectiveness

8:00 AM  Pisstol Aer   Labels:
People keep talking about efficiency and effectiveness. So, what exactly are efficiency and effectiveness?

Assume a number of coins with different face value are thrown on the floor. 3 persons are requested to pick up as much coins as possible within the time limit, say 30 seconds. 30 seconds later, the result shows as follow:

1. A picked up five 5¢, five 10¢ and five 20¢. Total 15 coins were picked up with total value of $1.75.

2. B picked up one 5¢, one 10¢ and seven 50¢. Total 11 coins were picked up with total value of $3.65.

3. C picked up eight 50¢ with total value of $4.00.

Now, the question is who is more efficient and who is more effective? A is more efficient as he/she picked up most coins. C is more effective as he/she carried the highest monetary value even though fewer coins were picked up. Get the picture now?

Of course, the optimum way is to be efficient and effective. In the above example, the best case were to pick up fifteen 50¢ and make up a total value of $7.50. However, let us be realistic. In real life, it is rather difficult to both at the same time. If we are allowed to choose one among these two, effectiveness should come first.

Therefore, on the journey to our financial success, we should always focus on the effectiveness (how to) of our plan first and continual learning narrow the gap between efficiency and effectiveness.
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Efficiency and Effectiveness
Efficiency and Effectiveness
Reviewed by Pisstol Aer
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