What does cost-effective solution meaning?
adjective. Something that is cost-effective saves or makes a lot of money in comparison with the costs involved.
How do you define cost effectiveness?
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.
What is a synonym for cost-effective?
synonyms for cost-effective Compare Synonyms. practical. profitable. worthwhile.
What does effective solution mean?
adj. 1 productive of or capable of producing a result. 2 in effect; operative.
What is the difference between cost-effective and cost efficient?
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 the difference between cost benefit and cost-effectiveness?
While cost-benefit analysis asks whether the economic benefits outweigh the economic costs of a given policy, cost-effectiveness analysis is focused on the question of how much it costs to get a certain amount of output from a policy.
What is cost-effective in business?
Cost efficiency is the act of saving money by changing a product or process to work in a better way. This is done to improve the organization’s bottom line by decreasing procurement costs and improving efficiencies across the board.
What does most cost-effective mean?
What is the example of efficient solution?
In a narrow, ahistorical economic approach, an institution is simply the efficient solution to an economic problem. For example, if there is one violator, the efficient solution is for all other households to stock no animals, since that eliminates the externality.
Is effective the same as efficient?
Efficiency and effectiveness are not the same thing. Efficiency is defined as the ability to accomplish something with the least amount of wasted time, money, and effort or competency in performance. Effectiveness is defined as the degree to which something is successful in producing a desired result; success.
What is cost-effective management?
1. It is a form of management ensuring the maximization of the benefits that can be obtained from the resources allocated to health and the reduction of costs.
What does the word cost effective mean in English?
cost-effective. adjective. us / ˈkɔst·ɪˌfek·tɪv, ˈkɑst- /. providing good value for the amount paid: It’s not cost-effective to heat the whole building if only three people are working here. (Definition of cost-effective from the Cambridge Academic Content Dictionary © Cambridge University Press)
Which is an example of a cost effective service?
The definition of cost effective is something that is a good value, where the benefits and usage are worth at least what is paid for them. An example of cost effective is using VOIP to talk on the phone long distance. Economical in terms of the goods or services received for the money spent.
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Which is the best synonym for the word cost?
He has straightened out his line on the left; after a fierce fight which has cost him no less than 700 fresh casualties. One of the strongest objections against the use of the “Indian novelty” was its ruinous cost at this period. TOBACCO; ITS HISTORY, VARIETIES, CULTURE, MANUFACTURE AND COMMERCE E. R. BILLINGS.
