The official business definition of cost efficient or cost effective is a process or strategy that produces the desired results with minimal expenditure of resources. This includes both monetary and non-monetary resources such as time, energy, and personnel. Cost efficiency is the ability to produce a desired result with minimal expenditure of resources, while cost effectiveness is the ability to produce the best possible result with the resources available. In order to be cost efficient or cost effective, businesses must identify and implement strategies that will produce the desired results with the least amount of resources. This can include streamlining processes, eliminating unnecessary steps, and utilizing the most cost-effective materials and equipment. Cost efficiency and cost effectiveness are both important considerations for businesses, as they can help to reduce costs and increase profits. By taking the time to analyze their processes and resources, businesses can identify areas where they can be more cost efficient or cost effective, and make the necessary changes to improve their bottom line.