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 social impact projects, 'cost-effective' strategies are crucial for sustainable development. An NGO coordinator might explain, 'Our water conservation project is cost-effective and benefits the community long-term.'

Practice Scenarios

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.

Tech

Scenario:

Our servers are struggling to keep up during peak traffic times. Is it time we considered cloud solutions?

Response:

Migrating to cloud servers could be a cost-effective solution. It would offer greater scalability and reduce maintenance.