What is cost and cost effectiveness in education?
Answers
the estimation of a price is called cost
Cost-effectiveness analysis is an evaluation tool that is designed to assist in choosing among alternative courses of action or policies when resources are limited. Most educational decisions face constraints in the availability of budgetary and other resources. Therefore, limiting evaluation to the educational consequences of alternatives, alone, without considering their costs provides an inadequate basis for decision-making. Some alternatives may be more costly than others for the same results, meaning that society must sacrifice more resources to obtain a given end. It is desirable to choose those alternatives that are least costly for reaching a particular objective or that have the largest impact per unit of cost. This is intuitively obvious because the most cost-effective solution will free up resources for other uses or allow a greater impact for any given investment in comparison to a less cost-effective solution.
Applying this to educational interventions, there are a host of options from which schools, school districts, and higher education institutions can choose to improve educational outcomes. Many have shown at least some evidence of effectiveness, although the standards of evidence vary considerably. Thus, at the very least, consistent standards of evidence are needed to compare the competing alternatives. But estimates of the costs of the alternatives are needed as well. Even if one alternative is 10 percent more effective than another, it will not be preferred if it is twice as costly. Thus, both costs and effectiveness must be known in order to make good public policy choices.
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