Effectiveness
It is basically a polite word for getting things done. But the right kind of things.
Effective means "producing a result that is wanted". Efficient means "capable of producing desired results without wasting materials, time, or energy". The difference is that when something is effective it produces a result even if it takes some unnecessary resources to do so.
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Efficacy, effectiveness, efficiency
These terms sound very similar and are often used interchangeably in everyday conversations.
- Efficacy means getting stuff done. (Related question: Is it working?)
- Effectiveness means doing the right things. (Is it working well?
Pareto’s Law
In anything we do, there’s always ~20% of activities that will deliver 80% of our desired results.
It’s easy to be wrapped up in ‘busy’ work without ever getting anything done. Pareto’s Law is a useful mental model to be more effective, rather than just be efficient.
Measure #step-2
- "Measure" means determining whether the efforts to create a product are producing the desired results.
- And this is the key difference between Lean Startup valuation and standard methods, where deadlines and budget utilization are assessed,
- but it may not be considered that ...
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