Question

Give the meaning of "efficient utilization of resources" and "effectiveness".

Answer 1

Efficient utilization of resources refers to getting the things done in the right manner, in minimum time with the minimum cost incurred and with no wastage of resources.

Effectiveness refers to achieving target and setting goal in right direction.

For example where there is a demand for lightweight laptops in the market, then producing them on time means effectiveness whereas producing them by minimising wastage, cost and in the best possible way is called efficiency.