What does cost-effective mean?
Definitions for cost-effective
cost-ef·fec·tive
This dictionary definitions page includes all the possible meanings, example usage and translations of the word cost-effective.
Princeton's WordNet
cost-efficient, cost-effectiveadjective
productive relative to the cost
Wiktionary
cost-effectiveadjective
Returning a benefit that justifies the initial investment; economical.
Wikipedia
cost-effective
Cost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect. Typically the CEA is expressed in terms of a ratio where the denominator is a gain in health from a measure (years of life, premature births averted, sight-years gained) and the numerator is the cost associated with the health gain. The most commonly used outcome measure is quality-adjusted life years (QALY).Cost–utility analysis is similar to cost-effectiveness analysis. Cost-effectiveness analyses are often visualized on a plane consisting of four quadrants, the cost represented on one axis and the effectiveness on the other axis. Cost-effectiveness analysis focuses on maximising the average level of an outcome, distributional cost-effectiveness analysis extends the core methods of CEA to incorporate concerns for the distribution of outcomes as well as their average level and make trade-offs between equity and efficiency, these more sophisticated methods are of particular interest when analysing interventions to tackle health inequality.
ChatGPT
cost-effective
Cost-effective refers to something that provides good value or benefits in comparison to its cost. It's a measure of the efficiency and economic prudence of any product, service, or operation, indicating that its performance, benefits, value, or results justify the expenditure. This term is commonly used in finance, economics, and businesses to control costs and optimize results or returns.
Numerology
Chaldean Numerology
The numerical value of cost-effective in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of cost-effective in Pythagorean Numerology is: 3
Examples of cost-effective in a Sentence
For us to be able to do that we need multiple strategies, and strategies that are cost effective.
Every study done shows that Medicare for All is the most cost-effective approach to providing healthcare to every man, woman and child in this country.
We've seen the figures that it is actually working, if you look at the amount of square kilometers that you can do surveillance on, it is definitely the most cost-effective solution.
When you buy a business during a recession... I think it really helped me because it taught me how to be cost-effective.
The private sector is technically and financially capable of developing and operating commercial low-Earth orbit destinations, with NASA's assistance. We look forward to sharing our lessons learned and operations experience with the private sector to help them develop safe, reliable, and cost-effective destinations in space, the report we have delivered to Congress describes, in detail, our comprehensive plan for ensuring a smooth transition to commercial destinations after retirement of the International Space Station in 2030.
Translations for cost-effective
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"cost-effective." Definitions.net. STANDS4 LLC, 2024. Web. 19 Mar. 2024. <https://www.definitions.net/definition/cost-effective>.
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