Cost-Effectiveness

Cost-effectiveness is a way of comparing different options to achieve a specific goal by looking at the value each one provides relative to its cost. It helps determine which option gives the best results for the least amount of money spent. For example, if two methods both successfully fix a problem, but one costs less while achieving the same outcome, the less expensive option is considered more cost-effective. This concept helps organizations and individuals make smarter decisions by balancing benefits and expenses to maximize value.