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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Chapter 1 DQ

Chapter 1 DQ

Q What is efficiency? What is effectiveness? Imagine you manage a local car wash. Which criteria might you use to determine your efficiency as a manager? Which criteria might you use to determine your effectiveness?

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Efficiency is the primary reduction in the amount of wasted resources that are used to produce a given number of goods or services which is known as the output. It signifies a peak level of performance that uses the least amount of inputs to achieve the highest amount of production. Efficiency can be of three types- Economic efficiency, market efficiency and operational efficiency (BOYLE & BANTON, 2020).