Which of the following is correct?

None of the above

Option 1- Efficiency means that management has to see that tasks are completed and goals are achieved.
Option 2- Effectiveness means that the tasks are completed with the least amount of resources at a minimum cost.

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.