An approach or method that achieves desired results while minimizing expenses and maximizing value for money spent.
Emerged in mid-20th century business and economics discourse, combining 'cost-effective' (achieving good value relative to money spent) with 'solution' (answer to a problem). The phrase gained prominence during the efficiency movements of the 1950s-60s.
This phrase is almost redundant by design - calling something a 'solution' already implies it works, so adding 'cost-effective' emphasizes that it works cheaply. It's become so ubiquitous in business that it's practically meaningless, used to make any proposal sound fiscally responsible.
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