Final answer:
The correct answer to the question is 'effective,' which indicates that the right decisions are yielding the desired outcomes. Efficiency, on the other hand, pertains to achieving these outcomes with minimal resource wastage.
Step-by-step explanation:
When the right decisions are made and implemented, the management process is considered to be effective. Whether a decision is effective or not is determined by how well the desired outcomes are achieved after the decision-making and implementation process. If those outcomes meet the set goals, then the decision-making can be termed effective. Conversely, the term efficient refers to how the management process achieves these results, specifically if it does so with minimal waste of resources, including time, money, and effort. Efficiency is about the 'how' rather than the 'what' of the outcomes.