What is a cost-effective definition?

adjective. Britannica Dictionary definition of COST–EFFECTIVE. [more cost–effective; most cost–effective] : producing good results without costing a lot of money. They need a more cost-effective [=economical] way to store data.

What is cost efficient and effective?

Efficient (adj.) – Performing or functioning in the best possible manner with the least waste of time and effort. Being cost-effective is more about getting a task done at all, while cost efficiency is about getting a task done, but with the least waste and with the best use of resources.

What is cost-effective example?

A cost-effectiveness ratio is the net cost divided by changes in health outcomes. Examples include cost per case of disease prevented or cost per death averted. However, if the net costs are negative (which means a more effective intervention is less costly), the results are reported as net cost savings.

Is cost-effective one word?

When compound phrases are not immediately followed by a noun, do not hyphenate them. This program is cost effective. (Cost effective is not hyphenated because it is not followed by a noun.)

What’s another word for cost-effective?

Find another word for cost-effective. In this page you can discover 26 synonyms, antonyms, idiomatic expressions, and related words for cost-effective, like: economical, cost-efficient, low-cost, , thrifty, environmentally friendly, costeffective, time-saving, worthwhile, efficent and user friendly.

How can we make cost-effective?

  1. Perform a Cost-Benefit Analysis.
  2. Invest in Procure-to-Pay (P2P) Software.
  3. Practice Proactive Pricing.
  4. Contextualize Cost-Efficiency Within Your Larger Business Management Strategy.

Why cost-effectiveness is important?

Cost-effectiveness analysis helps identify ways to redirect resources to achieve more. It demonstrates not only the utility of allocating resources from ineffective to effective interventions, but also the utility of allocating resources from less to more cost-effective interventions.

What is the key to cost-effectiveness?

Despite its technical complexities, the basic principles of cost-effectiveness analysis are conceptually simple. One key principle is that cost-effectiveness is comparative, not absolute: the therapy of interest should be compared with the next best alternative therapy.

What is cost-effective design?

A building design is deemed to be cost-effective if it results in benefits equal to those of alternative designs and has a lower whole life cost, or total cost of ownership.

What is cost-effective in research?

Cost-effectiveness research is the comparative analysis of two or more alternative interventions in terms of their health and economic consequences, whose results are expressed as an incremental cost-effectiveness ratio, the ratio of differences in cost between a pair of medical interventions to the differences in the …

How do you use cost efficient in a sentence?

Cost-efficient sentence example These bundles can be very cost efficient. Equipped with 512 MB memory, it is a more cost efficient upgrade at about $200. Whether you have one – or one dozen – sports cards, Kruk offers friendly and cost efficient service.

Is it cost-effective or cost affective?

And affective and effective are not derived from the verbs affect and effect. They come from the nouns affect and effect. Affective is usually used in the field of psychology and addresses emotions and feelings. Effective is common in everyday language to describe something that produces a desired result.

What means time efficient?

Time efficiency offers a way to take control of our daily routine and start to use our time to our advantage. When we’re efficient, we’re not wasting our precious hours; instead, we’re understanding how to make ourselves the most productive in the shortest amount of time.

What is cost optimization?

Cost optimization is a business-focused, continuous discipline to drive spending and cost reduction, while maximizing business value. It includes: Obtaining the best pricing and terms for all business purchases. Standardizing, simplifying and rationalizing platforms, applications, processes and services.

What is the cost synonym?

1 charge, expense, expenditure, outlay. 3 detriment.

What are two components of cost efficiency?

There are two pieces of cost efficiency, which are cost benefit analysis and cost effectiveness analysis. Cost benefit analysis measures the benefits in terms of a monetary value, whereas cost effectiveness analysis measures the benefits in terms of some other unit.

What are the benefits of cost efficiency?

Cost efficiencies are important because they facilitate ways for a company to become more profitable. They maximize a company’s capabilities, enabling it to generate more revenue and improve the value provided to customers. This is especially important as businesses grow and expand.

What does not cost-effective mean?

/ˌkɒst.ɪˈfek.tɪv/ If an activity is cost-effective, it is a good value for the amount of money paid: It wouldn’t be cost-effective to buy an expensive new computer when all you want to do is store your photos.

What is cost intensive?

1 the price paid or required for acquiring, producing, or maintaining something, usually measured in money, time, or energy; expense or expenditure; outlay. 2 suffering or sacrifice; loss; penalty.

How does cost-effectiveness affects the decision making?

Cost-effectiveness analysis takes an additional step of directly addressing the potential trade-offs of added costs and improved health outcomes and allows decision makers to evaluate the allocation of resources by characterizing the cost of health interventions per added unit of benefit.

What are cost-effective materials?

COST EFFECTIVE MATERIALS Every material has its own advantages and disadvantage. So the material with more advantages and less cost is called as a cost effective construction materials.

What is cost effectiveness in engineering?

The SuDS Manual published by CIRIA in 2015 defines cost-effectiveness analysis (CEA) as: ‘A form of economic analysis that compares the relative cost to benefit, sometimes described as the change in outcome for a unit of investment.

What is the most cost-effective house design?

A square is the most economical shape to build for anything under 32 ft. square. Above that, a rectangle is more economical. The roof and foundation are the most expensive shell components, with the exterior walls coming in last.

What is a cost-effectiveness plane?

The cost-effectiveness plane is used to visually represent the differences in costs and health outcomes between treatment alternatives in two dimensions, by plotting the costs against effects on a graph. Health outcomes (effects) are usually plotted on the x axis and costs on the y axis.

What is an example of affective?

Affective is an adjective that describes something that is related to, arises from, or influenced by feelings, mood and emotions. It is especially used in the field of psychology. Here are some examples of affective in a sentence: Harry sang to Sally about how much he loved her, causing her to cry with happiness.

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