SHORT ANSWER-Write your answer to each question in the space below the questi Pl
ID: 344843 • Letter: S
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SHORT ANSWER-Write your answer to each question in the space below the questi Please write as clearly as you can. IfI cannot read it, then I wil mark it wrong. Keepy answers brief and to the point, but write in complete sentences with proper grammar 31. What is the difference between efficiency and effectiveness? Give one example wherea compuny may favor effectiveness of efficiency and explain why. Give one example wherea company may favor efficiency over effectiveness and explain why 32. Within the organization's environment, describe two internal stakeholders and three external stakeholdersExplanation / Answer
Q31) Efficiency refers to doing things correctly. It can measured as ratio of output to input i.e. the higher the output for a given quantity of input, the higher will be the efficiency.
Effectiveness refers to doing the right things. It can be considered as the capability to produce the desired result under certain conditions or constraints.
Example when a company might prefer effectiveness over efficiency is producing quality products though the output consumers more input viz. time, labor or money.
Example when a company might prefer efficiency over effectiveness is when production is the major concern rather than quality of the products. The more the output achieved for a given set of input, the better it will be for the firm.
It is important that an organization is both effective and efficient to ensure the right goals are met in a right way.
Q32) Below are two internal and three external stakeholders for a firm -
Internal
Employees of the firm who contribute to the sucess of the firm and hence the firm needs to be responsible for their development.
Board of Directors who are responsible for the firm in terms of policy making, approving strategic decisions that would impact the firm's business etc.
External
Customers who purchase the products or services of the firm
Suppliers and business partners who work with the firm in return for money
Communities who are impacted by the firm's operations and products
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