Productivity: Are you Efficient or Effective?

According to the Austrian-born American management consultant and Award winner, Peter Ferdinand Drucker ;

The productivity of work is not the responsibility of the worker but of the manager.
There is nothing so useless as doing efficiently that which should not be done at all.

Efficiency is doing things right; effectiveness is doing the right things.

While efficiency refers to how well something is done, effectiveness refers to how useful something is. For example, a car is a very effective form of transportation, able to move people across long distances, to specific places, but a car may not transport people efficiently because of the time it takes, the effort in driving(input) and how it uses fuel.

In the Industry, a Process can be efficient to yield output.

The output efficiently obtained from such Process, has to be Effective to meet the Goal/Target/Customer requirement. 

Productivity is a direct function of Efficiency and Effectiveness.

Effectiveness is about doing or using the right things — things that yield positive results. Efficiency is simply about doing things right — i.e., completing a task cheaper or faster.

Ideally, individuals and companies find ways to be effective and efficient, but it is possible to be effective, but not efficient, or vice versa, or neither. For example, if a company is not doing well it may decide to train its workforce to use a new technology. The training may go well, with employees learning the new technology in record time, but if overall productivity doesn't improve following the implementation of this new technology, the company's strategy was efficient but not effective.