Explanation:
In cost accounting, the term "economically feasible" or "cost-effective" describes the evaluation of the financial viability of a specific course of action, project, or choice. It entails weighing the advantages or value gained from an activity against the costs related to it. Basically, a move is deemed economically feasible or cost-effective if the benefits outweigh the expenses. In order to optimize profitability and efficiency, this analysis assists firms in making well-informed decisions regarding the allocation of resources and investments.
