Which best describes cost-effectiveness? maintaining the lowest expenses for making a product charging the lowest prices when selling a product ordering the smallest quantity of materials when making a product using the smallest amount of time to sell a product

Question

Biology

Valery Figueroa

31 January, 21:06

Which best describes cost-effectiveness? maintaining the lowest expenses for making a product charging the lowest prices when selling a product ordering the smallest quantity of materials when making a product using the smallest amount of time to sell a product

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Answers (2)

Know the Answer?

Virginia Wilkinson · Answer 1

maintaining the lowest expenses for making a product

Hannah Frederick · Answer 2

Option A, maintaining the lowest expenses for making a product

Explanation:

Cost effectiveness is a management strategy through which an enterprise/business attempts to reduce the cost of production in order to enhance the revenue. Cost effective analysis is carried out to do a comparative analysis of cost incurred through all available alternatives in order to choose the best option among all.

The major aim is to cut the cost of unnecessary resources by finding a substitute of it or improving the process of production through technology intervention.

Thus, option A is correct.