Want to say cost-effectiveness differently? Here are other words for cost-effectiveness and its similar synonyms and opposite words to say in unique way.
Meaning of cost-effectiveness
The primary meaning of "cost-effectiveness" refers to the ability to produce a desired outcome or result without unnecessary expense or waste of resources.
Etymology of cost-effectiveness
The term "cost-effectiveness" originated in the mid-20th century, derived from the combination of "cost" (from Old French "coste," from Latin "costare," to stand at a price) and "effectiveness" (from "effect" and the suffix "-iveness," which forms nouns indicating a quality or state).
Historically, the concept of cost-effectiveness has its roots in economics and management science, where it was used to evaluate the efficiency of different projects, investments, or decisions.
Synonyms
Definitions
- The ratio of the benefit or usefulness of something to its cost, especially in relation to other alternatives.
- * The state or quality of being cost-effective, which means achieving maximum productivity with minimum wasted effort or expense.
Usage Examples
- The new manufacturing process has improved the cost-effectiveness of our production line, allowing us to reduce prices and increase sales.
- * The company's cost-effectiveness analysis showed that outsourcing the IT department would be more efficient than hiring in-house staff.
- * The government's cost-effectiveness study revealed that investing in renewable energy would be more beneficial for the environment and the economy in the long run.