The document analyzes factors that influence the effectiveness of the teaching-learning process from the perspectives of teachers and students at commerce colleges in Mumbai. It tests two hypotheses: 1) there is a significant difference in factors influencing effectiveness, and 2) there is a significant difference in teacher and student perceptions of influencing factors. Questionnaires were administered to teachers and students, and data was analyzed using statistical tests. Key findings were that quality of teachers, extension/extracurricular activities, and teaching methods highly influence effectiveness; teachers valued quality of teachers, classroom management, and teaching methods most, while students valued extension/extracurricular activities, quality of teachers, and teaching methods most. There is a need to reduce gaps between teacher and student perspectives