What is the meaning of economical?
What is the meaning of economical?
economical, thrifty, and sparing mean careful in the use of money or goods. economical means using things in the best possible way without wasting anything. A thrifty shopper can save money. sparing is used when someone spends or uses as little as possible.
What is the meaning of economy?
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
What is the full meaning of sense?
1a : to perceive by the senses (see sense entry 1 sense 2) b : to be or become conscious of sense danger. 2 : grasp, comprehend. 3 : to detect automatically especially in response to a physical stimulus (such as light or movement)
What is the synonym of economical?
economical(a.) Synonyms: saving, sparing, provident, thrifty, frugal, not wasteful, not lavish.
What is difference between economic and economical?
Economic is all about how money works, but something economical is a good deal. You might take an economic studiesclass to understand the ebb and flow of cash in the world, but if you buy a used textbook for it, you’re being economical. If you want an adjective related to the economy, economic is your word.
What is a word for saving money?
What is another word for save money?
| economiseUK | economizeUS |
|---|---|
| save | scrimp |
| retrench | be sparing |
| cut back | be frugal |
| budget | be economical |
What is another word for cost-effective?
In this page you can discover 26 synonyms, antonyms, idiomatic expressions, and related words for cost-effective, like: economical, thrifty, environmentally friendly, cost-efficient, frugal, low-cost, time-saving, worthwhile, , convenient and penny-wise.
What is a cost-effective?
English Language Learners Definition of cost-effective : producing good results without costing a lot of money.
What is most cost effective?
The definition of cost effective is something that is a good value, where the benefits and usage are worth at least what is paid for them. An example of cost effective is using VOIP to talk on the phone long distance. Producing good results for the amount of money spent; economical or efficient.
How do you use cost effective in a sentence?
Cost-effective sentence example. Nut milk costs a pretty penny in stores, but making your own couldn’t be easier and is cost-effective . Homemade baby toys are not only cost effective but a great way to use recycled materials. cost-effective means for users to run HPC applications.
Why is cost effectiveness important?
Health systems have multiple goals, but the fundamental reason they exist is to improve health. It indicates which interventions provide the highest “value for money” and helps them choose the interventions and programmes which maximize health for the available resources. …
How is QALY calculated?
The basic idea underlying the QALY is simple: it assumes that a year of life lived in perfect health is worth 1 QALY (1 Year of Life × 1 Utility = 1 QALY) and that a year of life lived in a state of less than this perfect health is worth less than 1.
What is the relationship between cost and effectiveness?
A cost-effectiveness ratio is the net cost divided by changes in health outcomes. Examples include cost per case of disease prevented or cost per death averted. However, if the net costs are negative (which means a more effective intervention is less costly), the results are reported as net cost savings.
How do you ensure cost effectiveness?
How to do a basic cost-effectiveness analysis
- Measure the outcome. If you are comparing the cost effectiveness for two activities then you need to measure the outcome in question for both activities.
- Calculate the costs. The next step is to work out how much each activity cost.
- Divide the cost by the outcome for each activity.
What is economic cost efficiency?
Cost efficiency measures the benefits of a project, investment, or program. There are two pieces of cost efficiency, which are cost benefit analysis and cost effectiveness analysis.
How do you calculate utility costs?
The primary outcome of a cost–utility analysis is the incremental cost- effectiveness ratio (ICER), otherwise known as the cost per QALY. This is calculated as the difference in the expected cost of two interventions, divided by the difference in the expected QALYs produced by the two interventions.
Why cost is important in project management?
Project cost management sets the baseline for project costs. Effective cost management ensures that a project’s budget is on track and will be completed according to its planned scope. Without cost control, a company can easily lose money and costs can go above project profit.
What are the objectives of cost management?
Objectives of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, ascertaining the profit of each activity, assisting management in decision making and determination of break- …
What are the objectives of cost sheet?
Determining cost: The main objective of the cost sheet is to obtain an accurate product cost. It gives you both the total cost and cost per unit of a product. 2. Fixing selling price: In order to fix the selling price of a product, you need to create a cost sheet so you can see the details of its production cost.
What are the benefits of cost control?
4 Benefits of Cost-Control Management
- Lower Expenses. The main benefit of putting cost controls in place is lowering your company’s overall expenses.
- Gain Operational Efficiency.
- Realize Procurement Effectiveness.
- Streamline Technology.
Is salary a direct labor cost?
What is Direct Labor? Direct labor refers to the salaries and wages. It includes whatever base salary an employee receives, along with other types of payment that accrue during the course of their work, which paid to workers directly involved in the manufacture of a specific product or in performing a service.
What is an example of direct labor cost?
Direct labor costs are one of the costs associated with producing a product or providing a service. Examples of direct labor costs include the following: In a manufacturing setting, wages paid to workers in an assembly line. In a service setting, wages paid to workers in the kitchen of a restaurant….
What is direct labor cost?
What is Direct Labor Cost? Direct labor cost is wages that are incurred in order to produce goods or provide services to customers. The total amount of direct labor cost is much more than wages paid….
What is difference between direct and indirect labor?
They are usually split into direct and indirect labor costs, based on the worker’s contribution to the production process. While direct labor comprises work done on certain products or services, indirect labor is employee work that can’t be traced back or billed to services or goods produced.
What is indirect salary?
Indirect compensation includes non-monetary benefits provided to workers, such as pension funds, mobile phones, company cars, health and life insurance, overtime pay, and annual leave. Instead of being paid directly to an employee, indirect compensation is calculated as an extra component of the base salary.
What is direct Labour example?
Direct labor includes all employees responsible for producing a company’s products or services. Some examples of direct labor include quality control engineers, assembly line workers, production managers and delivery truck drivers.
What is direct and indirect Labour cost?
The cost of labor is broken into direct and indirect (overhead) costs. Direct costs include wages for the employees that produce a product, including workers on an assembly line, while indirect costs are associated with support labor, such as employees who maintain factory equipment.
What is the difference between direct and indirect in science?
According to this formulation, values play a direct role in science when they contribute to a scientist’s belief that a theory or hypothesis is true. In contrast, values play an indirect role when they contribute to a scientist’s acceptance of a theory or hypothesis as an appropriate basis for action.