cost-effectiveness
|cost-e-ffec-tive-ness|
🇺🇸
/kɔst ɪˈfɛktɪvnəs/
🇬🇧
/kɒst ɪˈfɛktɪvnəs/
efficient use of resources
Etymology
'cost-effectiveness' originates from the combination of 'cost' and 'effectiveness', where 'cost' refers to the expenditure and 'effectiveness' refers to the ability to achieve a desired result.
The term 'cost-effectiveness' evolved from the economic and business sectors, emphasizing the importance of achieving maximum results with minimal expenditure.
Initially, it meant 'achieving desired results with minimal cost', and this meaning has largely remained the same in modern usage.
Meanings by Part of Speech
Noun 1
the measure of how effectively a product or service achieves its intended outcome relative to its cost.
The cost-effectiveness of the new software was evaluated before purchase.
Synonyms
Antonyms
Last updated: 2025/01/11 11:41