cost efficiency
Spending less wisely
Cost efficiency is achieving a desired result with minimal expense or waste.
A cost-efficient approach produces the same output for less money, or more output for the same money.
The term appears constantly in business and policy contexts: We need to find more cost-efficient ways to deliver services.
Compare with cost-effectiveness, which weighs results against expense rather than minimizing expense itself.
- economies of scaleCost advantages from size
- budgetingAllocating funds systematically
- tight budgetSeverely limited funds
- Six SigmaData-driven quality management
- scalabilityCapacity for growth
waste reduction · cutting corners · trade-offs · bottom line · resource allocation · capacity planning · continuous improvement · inventory control · kaizen · break-even point · fixed costs · variable costs · margins · productivity · shrewd · comparative advantage · savings · bang for buck
- business financeaccounting, balance sheet, revenue stream, profit margin, budget
- economicssupply and demand, inflation, GDP, GNP, gross domestic product
- maintenancepreventive maintenance, maintenance schedule, scheduled maintenance, handyman, repair
- manufacturingfactories, factory, car factory, assembly plants, electronics factory
- Research Costsfunding, grants, budget, expenses, direct costs
- productivity metricslabor productivity, productivity growth, performance metrics, KPIs, throughput
cost efficiencywastefulness
Careless use of resources
waste · inefficiency · squandering · profligacy · extravagance
cost efficiencyluxury
Expensive nonessential comfort
premium quality · gold-plating · lavishness · opulence · conspicuous consumption
cost efficiencyextravagance
Excessive, wasteful spending
overspending · prodigality · budget overruns · cost overruns · lavishness