Which of these would you consider a better management - an effective management or a fair mangement?

Effective management can be so much more than being fair to employees, and fair management might be less effective to achieve its goals , therefore, both fair and effective practices should be considered in structuring your company.
Regards, Ahmed

 In my opinion, the word "effective" is more rational when refering to management, such management has to go with the roles, be honest and friendly.... all of these has its own percentage in such management personality

effective managment 

when you are effective so you can reach your target