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The phrase 'cost effective way' is correct and can be used in written English.
You can use this phrase when you are referring to a method or approach that has both a low cost and efficient results. For example, "We need to find a cost effective way to get this project done on time."
Exact(13)
Trying to figure out the most cost effective way to spend each dollar is important.
"Nobody's been able to come up with a cost effective way of doing it".
Tightening caps provides a highly cost effective way of meeting the higher target.
Few now argue that building more prisons is a cost effective way to prevent crime.
The researchers concluded that op-eds are a cost effective way to influence people's views.
But is it a cost effective way of doing it?
Similar(47)
Is there another cost-effective way to place that road?
It's a "cost-effective way to retain" your best people.
"It will make for a more cost-effective way of using the money".
"It's a cost-effective way to drive devices without doing electrical upgrades.
The expansion of CHIP is the most efficient, cost-effective way of reaching those youngsters.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com