Given below are two statements:
Statement I: Cost-Benefit Analysis (CBA) measures a project's societal effects and does a cost-benefit comparison in monetary terms.
Statement II: CBA is the most widely applied tool for the appraisal of transport projects.

In light of the above statements, choose the correct answer from the options given below:

Cost-benefit analysis is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options that provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements.

An understanding of transport projects as least affected by other factors and most by cost-to-revenue ratios would underscore the importance of CBA. Statements I and II are both correct. The correct answer, therefore, is option A.