cost efficiency

Cost efficiency refers to achieving desired results while spending the least amount of money necessary. It involves optimizing resources and processes to maximize output or value without unnecessary expenditure. For example, a business that produces more products with less material, labor, or energy is considered cost-efficient. The goal is to improve productivity and quality while minimizing costs, ultimately increasing profitability or value for stakeholders. In essence, it's about getting the best possible results for the smallest investment.