"Efficiency is doing things right; effectiveness is doing the right things." -- Peter Drucker, Austrian-American management guru. "The highest type of efficiency is that which can utilize existing material to the best advantage." -- Jawaharlal Nehru, former Indian Prime Minister. What comprises true efficiency, at least in a useful business sense? That's a question worth pursuing, because the answer isn't necessarily what you might expect. Business "efficiency" has evolved beyond its classic dictionary definition, which is essentially minimizing the resources required to do something. That's fine as far as it goes—but what if the thing done right isn't the right thing? If your mechanic changes the wrong tire on your car, it doesn't matter how efficiently he does the job; you've … [Read more...]