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

  1. cost-efficient, cost-effectiveadjective

    productive relative to the cost

Wiktionary

  1. cost-effectiveadjective

    Returning a benefit that justifies the initial investment; economical.

Wikipedia

  1. 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

  1. 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.

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Numerology

  1. Chaldean Numerology

    The numerical value of cost-effective in Chaldean Numerology is: 8

  2. Pythagorean Numerology

    The numerical value of cost-effective in Pythagorean Numerology is: 3

Examples of cost-effective in a Sentence

  1. Bernie Sanders:

    I am disappointed that Secretary Clinton does not think we should join every other major country in guaranteeing health care through a cost-effective, Medicare-for-all, single-payer system that would save the average family about $5,000 a year.

  2. Jussi Napola:

    The development of the technology has turned this into a viable, and possibly cost effective option for us. Our target now is to get more experience of their operational capabilities.

  3. David Hepworth:

    It takes less energy to produce this material than it would to make nanocellulose from something else, like trees, so we're trying to do this in a very energy-minimising way, which is good for the environment and it's good for us because it saves costs of production, so we can potentially produce a cost-effective material and that opens a number of markets.

  4. Andrew Gavil:

    It's the large manufacturers that are trying to narrow the channel of distribution that is most cost effective, that's the big story here.

  5. Bill Bishop:

    There's strong interest in moving rapidly in this direction because everyone knows they need to raise their game to stay competitive, it's ultimately more cost-effective to automate than to staff up, especially in today's labor market.


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"cost-effective." Definitions.net. STANDS4 LLC, 2024. Web. 1 Mar. 2024. <https://www.definitions.net/definition/cost-effective>.

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