BatPaC cost-modeling spreadsheet for lithium-ion battery pack design by Argonne National Lab. Technoeconomic analysis (TEA) is the translation and interpretation of a technical process or product with respect to its figures of merit. Figures of merit for a technical process are broad and encompass both raw material and process requirements, such as utilities, capital investment, and land. Figures of merit for a product are set by the characteristics of the design – e.g., mass, volume, cost, power, etc. TEA analysis is valuable for determining supply chain requirements, identifying the potential of alternative technologies, setting R&D priorities, tracking R&D progress, identifying bottlenecks & cost drivers, and evaluating/projecting product cost.