COSTEFFICIENT Meaning and
Definition
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Cost-efficient is an adjective that describes the ability of a process, system, or activity to achieve maximum effectiveness at the lowest possible cost. It refers to utilizing resources, including time, money, and materials, in an economical manner without compromising the quality or desired outcome.
A cost-efficient process or system involves minimizing expenses or unnecessary wastage while still delivering the desired results. It focuses on optimizing operations and streamlining activities to reduce costs associated with production, manufacturing, distribution, and other business functions. By identifying and eliminating inefficiencies, cost-efficient practices aim to enhance profitability and maximize the value generated from available resources.
In a cost-efficient environment, decision-makers prioritize cost savings strategies and seek innovative ways to cut expenses without sacrificing quality. This may involve implementing technologies, automating repetitive tasks, negotiating favorable contracts, utilizing energy-efficient equipment, or adopting alternative sourcing practices. Additionally, it may require analyzing and reevaluating existing workflows to identify areas for improvement and cost reduction.
Cost efficiency is often a primary consideration for businesses aiming to improve profitability, compete in the market, and enhance overall financial performance. By prioritizing cost efficiency, organizations can allocate resources effectively, increase productivity, improve customer satisfaction, and maintain sustainable operations. It is an essential concept for both businesses and individuals seeking to optimize financial resources while achieving desired outcomes.
Common Misspellings for COSTEFFICIENT
- xostefficient
- vostefficient
- fostefficient
- dostefficient
- cistefficient
- ckstefficient
- clstefficient
- cpstefficient
- c0stefficient
- c9stefficient
- coatefficient
- coztefficient
- coxtefficient
- codtefficient
- coetefficient
- cowtefficient
- cosrefficient
- cosfefficient
- cosgefficient
- cosyefficient
Etymology of COSTEFFICIENT
The word "cost-efficient" is a compound formed from the combination of the words "cost" and "efficient".
The word "cost" can be traced back to Middle English, derived from the Old French word "coste" meaning "side" or "rib". Over time, it expanded its meaning to include the price or expense associated with producing or obtaining something.
The word "efficient" originates from the Latin word "efficiens", derived from the verb "efficere" which means "to accomplish" or "to fulfill". It is a combination of the prefix "ex-" meaning "out" and the verb "facere" meaning "to make". This indicates the concept of achieving the desired result with minimal wasted effort or resources.
In combination, "cost-efficient" refers to the quality of being effective or productive in terms of the resources or money required.
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