Quick Answer: Is It Cost Effective Or Cost Efficient?

What does it mean to be cost efficient?

Adj.

1.

cost-efficient – productive relative to the cost.

cost-effective.

efficient – being effective without wasting time or effort or expense; “an efficient production manager”; “efficient engines save gas”.

What does it mean to provide cost effective care?

An intervention that costs $100,000–120,000 or less per quality-adjusted life year is considered cost-effective.

What is the opposite of cost effective?

What is the opposite of cost effective?spendthriftwastefullavishuneconomicalcarelessinefficientuncarefulunreasonableexpensiveunprofitable5 more rows

Is cost effective one word?

When compound phrases are not immediately followed by a noun, do not hyphenate them. This program is cost effective. (Cost effective is not hyphenated because it is not followed by a noun.) … (There is no noun following up to date so the words are not hyphenated.)

What are the cost control techniques?

5 Cost Control Techniques to Help Your Procurement StrategyInvest in Training.Implement an eProcurement System.Supply Chain Consolidation.Identify Primary and Secondary Sourcing.Consider Outsourcing.

What is most cost effective?

The definition of cost effective is something that is a good value, where the benefits and usage are worth at least what is paid for them. An example of cost effective is using VOIP to talk on the phone long distance.

What is another word for cheaper?

What is another word for cheaper?more inexpensivemore economicalmore affordablemore reasonablemore reducedmore bargainousmore uncostlymore undearmore low-costmore cost-effective2 more rows

Why is cost effectiveness important?

Cost-effectiveness analysis helps identify ways to redirect resources to achieve more. It demonstrates not only the utility of allocating resources from ineffective to effective interventions, but also the utility of allocating resources from less to more cost-effective interventions.

How can profit and reduce cost be increased?

19 Ways To Reduce Costs And Increase Your ProfitsSee every cost as “up for grabs”. … In areas where you wish to control costs, set authorisation levels so that approval is required before the expenditure is made.Speak to your suppliers and negotiate reductions on the cost of your purchased products.More items…

What is cost cutting strategy?

Cost cutting refers to measures implemented by a company to reduce its expenses and improve profitability. Cost cutting measures are typically implemented during times of financial distress for a company or during economic downturns.

What is the meaning of economical?

economical, thrifty, and sparing mean careful in the use of money or goods. economical means using things in the best possible way without wasting anything. … A thrifty shopper can save money. sparing is used when someone spends or uses as little as possible.

What is another word for cost?

Synonyms of costcharge,disbursement,expenditure,expense,outgo,outlay.

What’s another word for cost effective?

cost-beneficial, cost-efficiently, lower-cost, lucrative, productive, feasible, cost-cutting, least-cost, uneconomical, uneconomic, competitive, budget-friendly, well-functioning, unprofitable, convenient, well-performing, attractive, high-efficiency, rewarding, budget-conscious, rational, profit-making, optimal, …

How do you use cost effective in a sentence?

(1) The bank must be run in a cost-effective way. (2) It isn’t cost-effective to build cars in such small quantities. (3) It wouldn’t be cost-effective to buy an expensive new computer when all you want to do is word processing. … (5) This, they argue, offers the most cost-effective way to serve patients.

How do you calculate cost effectiveness?

A cost-effectiveness ratio is the net cost divided by changes in health outcomes. Examples include cost per case of disease prevented or cost per death averted. However, if the net costs are negative (which means a more effective intervention is less costly), the results are reported as net cost savings.

How do you increase cost efficiency?

Five Measures to Increase Efficiency and Reduce Cost in Your BusinessCreating competition between suppliers. … Reducing cost by changing suppliers. … Efficient inventory management systems. … Eliminating multiple sources of suppliers. … Consolidation of administrative activities.

What’s a word for high quality?

What is another word for high-quality?excellentfinepremiumprimegoodsuperbsuperiorchoiceexceptionalgreat230 more rows