When should I be efficient and when should I be effective on the farm?

Working theory here; during the year on the farm, there are ebbs and flows of busyness. There are times when I need to be efficient (minimize waste of time and/or resources) and when I need to be effective (getting job done correctly regardless of time/resources expended). For example, during a blizzard I could feed all the cattle by myself (cheapest), but I may miss sick animals or get hypothermia myself. Any other examples out there?