Page 452 - F2 - MA Integrated Workbook STUDENT 2018-19

Chapter 16

Test your understanding 13

Economy Efficiency Effectiveness

Salary costs of % of lecturer’s time % of students
lecturers spent teaching and achieving the target
undertaking research grade

Cost of books How often are library % of graduates
purchased for the books loaned out to employed within 6
library students months

Economy is about balancing the cost with the quality of the resources.

Efficiency focuses on the efficient use of any resources acquired.

Effectiveness measures the achievement of the organisation’s objectives

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