what is cost effectiveness and cost advocacy?

Question

Accepted Answer

Cost effectiveness is achieving desired outcomes at the lowest possible cost, while cost advocacy involves promoting cost-conscious decision-making.

Cost effectiveness focuses on maximizing value for money by achieving desired outcomes efficiently.
Cost advocacy involves promoting a culture of cost-conscious decision-making within an organization.
Examples of cost effectiveness include implementing process improvements to reduce costs without sacrificing quality.
Examples of cost advocacy include educating employees on the importance of cost-consciousness in decision-making.
Both concepts are essential for effective financial management and resource allocation.

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