Adjective describing a mindset or approach that prioritizes minimizing expenses and maximizing value in decision-making processes, especially in business and project management. Being cost-focused typically involves thorough analysis of costs to ensure that resources are allocated efficiently without sacrificing quality or effectiveness.
Cost-focused meaning with examples
- The cost-focused business model adopted by the startup allowed it to remain competitive despite the challenging economic environment, emphasizing efficiency in operations and resource allocation.
- In the healthcare sector, a cost-focused strategy can lead to significant savings, allowing providers to offer more affordable care without compromising patient outcomes.
- During the construction of the new facility, the project management team implemented a cost-focused approach to ensure that every material and labor choice was justified by the project's budgetary constraints.
- Cost-focused strategies were essential in the recent merger, where both companies aimed to streamline operations and eliminate redundancy to increase profitability for stakeholders.
- The nonprofit organization shifted to a cost-focused paradigm, prioritizing donor funds towards projects that demonstrated tangible impacts while maintaining comprehensive reports on expenditures.