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Essay text:
From a process viewpoint it is producing the required outputs and outcomes, in other words meeting objectives. Efficiency is ‘doing the thing right’ – it defines whether processes are completed using the least resources and in the shortest time possible. These simple definitions point to a clear distinction that has major implications for businesses of all sizes. The implications arise from the difficulty in balancing both efficiency and effectiveness.
Measures of efficiency, effectiveness, and capability for rapid adaptation are of great interest to all stakeholders: process owners, internal and external customers and suppliers, and executives...
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