Economic
effectiveness is a partial
objective for decision-making. It assesses the effect of any action against the
background of what is intended to reach. So, other words for effectiveness can
be functionality or coverage.
Together with
its twin economic efficiency we can assess the economic suitability
that is one sub-objective to find the optimal option. Parallel to the economic suitability
we also should look at the ecological and the social suitability. For more information
about systematics of decision-making, look at objectives and three-step
model of optimization.
