cost-effective

Vocabulary Word

Definition

'Cost-effective' means getting the most out of what you pay for. It doesn't just mean cheap. It's about getting the highest quality or the most quantity for your money.

Examples in Different Contexts

In technology, 'cost-effective' often refers to software or hardware that delivers the best performance for its price. A tech manager might comment, 'Using cloud storage has been a cost-effective way to handle our data needs.'

Practice Scenarios

Public-Policy

Scenario:

Our long-term energy plan needs to be both sustainable and affordable. What options should we consider?

Response:

Implementing wind and solar power would be cost-effective in the long run. They'll provide lower-cost energy and reduce our carbon footprint.

Operations

Scenario:

Our production line has too much waste. Any thoughts on how we might improve our efficiency?

Response:

We should improve our inventory management. It could be a cost-effective way to reduce waste and increase production efficiency.