Which of the following is correct?

The correct answer is option 4- None of the above.

Option 1- Efficiency means that management has to see that tasks are completed and goals are achieved. This is not true as it is related with effectiveness.
Option 2- Effectiveness means that the tasks are completed with the least amount of resources at a minimum cost.  This is not true as it is related with efficiency.

Being effective or doing work effectively basically means finishing the given task. Effectiveness in management is concerned with doing the right task, completing activities and achieving goals. In other words, it is concerned with the end result. Efficiency means doing the task correctly and with minimum cost. There is a kind of cost-benefit analysis involved and the relationship between inputs and outputs. If by using less resources (i.e., the inputs) more benefits are derived (i.e., the outputs) then efficiency has increased. Efficiency is also increased when for the same benefit or outputs, fewer resources are used and less costs are incurred. Thus, both 1 and 2 are wrong.