Definition - What does Cost-Effective Alternative mean?
A cost-effective alternative is a course of action that produces good results for the money spent. Such an action may be taken when initial plans are found to be too expensive or do not provide a sufficient return on investment. The management of trenchless projects involves decision making based on economic and other considerations.
Trenchlesspedia explains Cost-Effective Alternative
Sometimes project plans don’t work out as expected. When cost overruns come to the attention of project leaders or customers, it may seem wise to look for another way of doing things. Each possible action should be weighed carefully to determine whether it meets technical requirements, government restrictions, and financial constraints.
An alternative action that is cost effective should be one that is the best available in terms of reliability, performance, and cost. The benefits of the action must be worth the financial investment. Trenchless operators should always be on the lookout for alternatives with good value. Sound economic decisions contribute to the success of any construction business.