Cost Benefit Analysis (CBA):
Cost Benefit Analysis involves comparing the costs and benefits of different options in monetary terms. It aims to measure the net effect of each alternative by subtracting the total cost from the total benefits, thus helping decision-makers to choose the option that offers the greatest net benefit.

Cost Effectiveness Analysis (CEA):
Cost Effectiveness Analysis, on the other hand, is used when benefits cannot be easily quantified in monetary terms. It compares the relative costs of achieving a specific non-monetary outcome, focusing on the most efficient way to achieve the desired result rather than on maximizing monetary gains.