Finance - Efficiency vs Productivity vs Effectiveness

 Finance - Efficiency vs Productivity vs Effectiveness.

HINT - They are NOT the same things. 1/ Efficiency is how well you are able to DO something 2/ Productivity is a measure of how much you PRODUCE 3/ Effectiveness is a measure of how well you’ve achieved a GOAL You can be efficient without being productive and you can be productive without being effective. - An efficient engine will run smoothly whilst burning as little fuel as possible. - An efficient finance pro will complete month-end on time every time. - A productive farmer will produce large crop yields with limited resources. - A productive finance pro will produce a large amount of accurate work within a short space of time. - An effective politician will build a campaign that wins votes that leads them to victory. - An effective finance pro will leverage process and insight to achieve cost reduction initiatives or margin improvements. More examples in the image below 👇 When approaching anything, use these 3 questions: 1/ Can I carry out my work on-time without causing undue stress? 2/ Are the volume of results I'm producing representative of the time I've spent? 3/ Are the results moving me towards my goals and objectives? Have you got any other tips for becoming more effective? 👇

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