Define Efficiency and Effectiveness and Explain Their Relationship to the Process

question 94

Essay

Define efficiency and effectiveness and explain their relationship to the process of management.

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Definitions:

Private Funds

capital pooled from private individuals or entities for the purpose of investment, typically in ventures or projects that are not public.

Indirect Costs

Expenses not directly tied to the production of goods or services but necessary for the general operation of an organization, such as administrative expenses or utilities.

Government Funds

Financial resources allocated by governmental bodies to support various programs, projects, services, or organizations.

Administrative Expenses

Costs associated with the general operation of a business or organization, excluding production or direct costs.