COST EFFECTIVE Meaning and
Definition
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Cost-effective is an adjective that refers to something that provides the maximum benefit or value in relation to the cost or expense incurred. It is a term commonly used in business and finance to describe an approach, strategy, product, or service that offers optimal advantages while minimizing expenditure.
The concept of being cost-effective strives to achieve a balance between quality or effectiveness and the financial resources invested. It implies that the outcome or result achieved justifies the amount of money spent. This can include saving money, reducing expenses, or maximizing return on investment.
Cost-effective solutions aim to accomplish objectives efficiently without unnecessary expenditures. Organizations often seek cost-effective methods to manage their operations, streamline processes, or improve profitability. It involves assessing the potential costs versus the benefits to determine the feasibility of a particular action or decision.
Achieving cost-effectiveness may involve various measures such as optimizing resources, reducing waste, implementing higher efficiency practices, or utilizing innovative technology or systems. It requires careful evaluation and analysis of the costs and anticipated benefits.
In summary, cost-effective is a term used to describe something that offers the best value or effectiveness relative to the expenses involved. It emphasizes the need to achieve desirable outcomes while minimizing the financial resources utilized. Organizations and individuals strive to be cost-effective by making informed decisions that balance cost and benefit.
Common Misspellings for COST EFFECTIVE
- cost-effecive
- cost-effectiv
- cost-effective
- coost-effective
- cosst-effective
- costaffective
- cost-effectivey
- cost effictive
Etymology of COST EFFECTIVE
The word "cost-effective" is a compound word consisting of two parts: "cost" and "effective".
The term "cost" can be traced back to the Latin word "costus", which referred to the price or expense of something. It evolved into the Old French word "coût" and eventually entered the English language in the 15th century.
The word "effective" originates from the Latin word "effectivus", derived from the verb "efficere", which means "to accomplish" or "to bring about". "Effectivus" entered the English language in the late 16th century as "effective".
The combination of "cost" and "effective" came together to form "cost-effective" in the 20th century, describing something that achieves maximum results or benefits at a reasonable or economical cost.
Similar spelling words for COST EFFECTIVE
