Note that a fund manager is often assigned similar grants, so it may not make sense for a fund manager to repeat a BOTEC at the individual grant level (but they will analyse the grant using other methods).
This agrees with my experience. Speaking personally, I do (often implicit) head-to-head comparisons more often than BOTEC. I have a rough sense of what the “breakeven” grant is, so the algorithm I most often run is more-or-less “if this grant costs X times the breakeven grant, would it be better in expectation for there to be X•C grants similar to the breakeven grant, or C grants similar to this one?” (where C is chosen so that I’m dealing with whole numbers).
This agrees with my experience. Speaking personally, I do (often implicit) head-to-head comparisons more often than BOTEC. I have a rough sense of what the “breakeven” grant is, so the algorithm I most often run is more-or-less “if this grant costs X times the breakeven grant, would it be better in expectation for there to be X•C grants similar to the breakeven grant, or C grants similar to this one?” (where C is chosen so that I’m dealing with whole numbers).