1. Effectiveness
Degree to which objectives are achieved and the extent to which targeted problems are resolved. In contrast to efficiency, effectiveness is determined without reference to costs and, whereas efficiency means "doing the thing right," effectiveness means "doing the right thing."
2. Efficiency
Comparison of what is actually produced or performed with what can be achieved with the same consumption of resources (money, time, labor, etc.). It is an important factor in determination of productivity.
3. Productivity
Relative measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. Computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period, productivity is a critical determinant of cost efficiency.
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