CostEffective
Cost-effective is an adjective used to describe a product, service, process, or decision that achieves a desired outcome with a favorable balance of cost and benefits. In common usage, something is cost-effective not because it is the cheapest option, but because the value it delivers per unit of cost is high relative to alternatives. The term is widely used in business, engineering, healthcare, and public policy.
In formal analysis, cost-effectiveness refers to evaluating alternatives by their costs relative to a defined outcome,
Key considerations when judging cost-effectiveness include total life-cycle or total cost of ownership, not just upfront
Etymology: the term combines cost with effective and is often hyphenated as cost-effective when used attributively.
See also: cost-benefit analysis; cost efficiency; value for money.