"A cost analysis (also called cost-benefit analysis, or CBA) is a detailed outline of the potential risks and gains of a projected venture. Many factors are involved, including some abstract considerations, making the creation of a CBA more of an art than a science, though a quantitative mindset is still a must-have. A CBA is useful for making many types of business and personal decisions, especially ones with a potential for profit (though this need not be the case). Although conducting a CBA can be a complex task, you do not need to be a business major to learn how to do so. Anyone who's willing to brainstorm, research, and analyze data can make a top-quality CBA." Source: http://www.wikihow.com/Do-a-Cost-Analysis
We use a cost-benefit analysis normally on the start of a project, to see what are the important things which has to be done. This gave awareness of the right priority.