Cost benefit Analysis can be explained as a procedure for estimating all cost involved and possible profits to be derived from a business opportunity . There 6 steps: * Understand the cost of status quo. You need this to measure the relative merit of an investment against the do nothing option.
Synthesis of Co3O4 nanoparticles and their performance towards methyl orange dye removal: Characterisation, adsorption and response surface methodology.
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It is applied to weigh different options for certain things. The option which outweighs other ones on various counts is the best one. In this case you can compare the process or product in terms of feasibility, compatibility, affordability, efficiency, efficacy etc.