The official business definition of cost effective or cost efficient is the ability to achieve a desired outcome or result with the least amount of resources, time, and money. Cost effectiveness is a measure of the relative efficiency of a process, product, or service, and it is often used to compare the cost of different methods of achieving the same result. Cost efficiency is the ability to produce a desired outcome with the least amount of resources, time, and money. It is important to note that cost effectiveness and cost efficiency are not the same thing. Cost effectiveness is the measure of the relative efficiency of a process, product, or service, while cost efficiency is the ability to produce a desired outcome with the least amount of resources, time, and money. Both are important to consider when making decisions about how to allocate resources and achieve desired outcomes.