Figures of merit are useful for comparison of specific feature in engineering applications. There can be several such characteristics, depending on the point of view, or the required physical performance required in a given device.
For example, ferromagnetic materials can be characterised by:
There is no single material which is “the best” for all applications. Specific devices require unique combinations of many such figures of merit, so that the device can be designed, manufactured, made available commercially, and operated reliably, as well as recycled at the end of life, or after a failure.
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