I looked in some dictionaries for the meanings of these commonly used words to describe performance in a working environment and gave it some thoughts:
Productivity: [n] the quality of being productive or having the power to produce. [n] (economics) the ratio of the quantity and quality of units produced to the labor per unit of time
Efficiency: [n] skillfulness in avoiding wasted time and effort. [n] the ratio of the output to the input of any system
Effectiveness: [n] power to be effective; the quality of being able to bring about an effect
Effective: [adj] able to accomplish a purpose. [adj] producing or capable of producing an intended result or having a striking effect.
Now a lot of us see our lives reflected in our work and our performance in it, and making an analogy I would have to say that I would like to live an efficient life where I can effectively achieve my personal goals having a high productivity.
But on a second thought I considered that some of the greatest moments in my life are not linked to a precise outcome or goal, they are not efficient, effective or productive in many ways, as some of the most important moments in my life have been talking to my friends, enjoying a beer, looking at a sunset, appreciating the company, enjoying a great CD, talking about different subjects over lunch (even at International events), enjoying a hobby, running trough an AIESEC's Global Village, playing a song with my musical instrument, camping or just relaxing a bit.
So I will have to conclude that not everything can be measured with indexes or one of these words, I think we all should strive to achieve a balance in our lifestyles between relax and stressful moments, but as always this is just my humble opinion.
